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Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of Apr: a. On April 1, Mathis purchased

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Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of Apr: a. On April 1, Mathis purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,600, and the cost of the merchandise soid was $2,450. b. On April 1. Mathis paid freight charges of $100 cash to have the goods delivered to its warehouse. c. On April 8, Mathls returned 51,000 of the merchandise, which had originally cost Reece 5700 . d. On April 10, Mathis paid Reece the balance due. Required: Prepare the journal antries to record these transactions on Reece's books. Assume that Reece uses the net method to record sales on account, If an amount box does not require an entry, leave it blank

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