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(Purchased inventory on account) (Recorded the payment of freight charges) Prepare the journal entry to record the April 8 return of merchandise. Aprilg (Returned merchandise) Prepare the journal entry to record the April 10 payment to Reece. For a compound transaction, if an amount box does not require an entry, leave it blank. (Paid accounts payable within discount period) Cornerstone Exercise 6-20 Recording Purchase Transactions 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 $3,100, and the cost of the merchandise sold was $2,225. b. On Apri 1. Mathis paid freight charges of $250 cash to have the goods dellvered to its warehouse. c. On April 8 , Mathis returned $800 of the merchandise which had originally cost Reece $500. d. On April 10, Mathis paid Reece the balance due. Required: Prepare the journal entry to record the April 1 purchase of merchandise and payment of freight by Mathis. April 1 (Recorded the payment of freight charges) Prepare the journal entry to record the Aprit 8 return of merchandise