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 $2,800, and the cost of the 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: 1. Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company. If an amount box does not require an entry, leave it blank. April 1 (Purchased inventory on account) Prepare the journal entry to record the payment of freight on April 1. If an amount box does not require an entry, leave it blank. April 1 38 (Recorded the payment of freight charges) 2. Prepare the journal entry to record the April 8 return of merchandise by Mathis. If an amount box does not require an entry, leave it blank. April 8 88