Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the...

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Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: 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 $3,400, and the cost of merchandise sold 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, Mathis returned $1,000 of the merchandise, which had originally cost Reece $700. d. On April 10, Mathis paid Reece the balance due. Required: Prepare the journal entries 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 n require an entry, leave it blank. April 1 Accounts Receivable April 1 Sales Revenue (Recorded sale on account) *. 88 (Recorded cost of merchandise sold) April 8 April 8 (Recorded return of merchandise) April 10 (Recorded cost of merchandise returned) (Received customer payment within discount period) 00 00 00 88 Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: 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 $3,400, and the cost of merchandise sold 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, Mathis returned $1,000 of the merchandise, which had originally cost Reece $700. d. On April 10, Mathis paid Reece the balance due. Required: Prepare the journal entries 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 n require an entry, leave it blank. April 1 Accounts Receivable April 1 Sales Revenue (Recorded sale on account) *. 88 (Recorded cost of merchandise sold) April 8 April 8 (Recorded return of merchandise) April 10 (Recorded cost of merchandise returned) (Received customer payment within discount period) 00 00 00 88