Recording Purchase Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: 1. On April 1, Jeet 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. 2. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. 3. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. 4. On April 10, Jeet paid Reece the balance due. Assume that Jeet uses a periodic inventory system. Required: 1. Prepare the journal entry to record the April 1 purchase of merchandise and payment of freight by Jeet. April 1 Purchases April 1 (Purchased inventory on account) (Paid cash for shipping fees) 2. Prepare the journal entry to record the April 8 return of merchandise. April 8 (Returned merchandise) 3. Prepare the journal entry to record the April 10 payment to Reece. For those boxes in which no entry is required, leave the box blank. April 10 Accounts Payable Cash (Recorded payment within the discount period)