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 $3,000, 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 88 (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 8 (Returned merchandise) 3. Prepare the journal entry to record the April 10 payment to Reece. If an amount box does not require an entry, leave it blank. April 10 (Paid accounts payable within discount period)