Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $4,950, and the cost of the merchandise sold was $2,450. b. On April 1, Jeet paid freight charges of $100 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $1,000 of the merchandise which had originally cost Reece $700. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 Inventory 4,950 Accounts Receivable 4,950 (Recorded sale on account) April 1 Inventory 100 Cost of Goods Sold 100 (Recorded cost of goods sold) April 8 Accounts Payable 1,000 Inventory 1,000 (Recorded return of goods) April 8 (Recorded cost of goods returned) April 10 (Received customer payment within discount period)