Question

Recording Purchase 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 $4,100, 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.

Answer 1

Jounal entry of Jeet.
apr-01	purchases	4100
	accounts payable		4100
	(purchase of merchandise on credit from Reece on terms of 2/10,n/30)
apr-01	freight charges	100
	Cash		100
apr-08	accounts payable	1000
	purchase return		1000
apr-10	Accounts payable	3100
	Discount	62
	Cash		3038
	( the Credit term is 2/10 2% of accounts payable is discount, and remaining is paid)
	purchase	4100
	purchase return	1000
		3100
	discount 2%	62
	Net payable	3038

the question is not complete.