Recording Purchase Transactions
Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:
b On April Mathis paid freight charges of $ cash to have the goods delivered to its warehouse.
c On April Mathis returned $ of the merchandise, which had originally cost Reece $
d On April Mathis paid Reece the balance due.
Required:
April
Purchased inventory on account
Prepare the journal entry to record the payment of freight on April If an amount box does not require an entry, leave it blank.
April
Recorded the payment of freight charges
Prepare the journal entry to record the April return of merchandise by Mathis. If an amount box does not require an entry, leave it blank.
April
Returned merchandise
Prepare the journal entry to record the April payment to Reece. If an amount box does not require an entry, leave it blank.
April
Paid accounts payable within discount period
