Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:
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 $3,100, and the cost of the merchandise sold was
$2,225. (cost to Mathis)
b. On April 1, Mathis paid freight charges of $250 cash to have the goods delivered to its
warehouse.
c. On April 8, Mathis returned $800 of the merchandise. The cost of the merchandise returned
was $500.
d. On April 10, Mathis paid Reece the balance due
1. Prepare the journal entry to record the April 1 purchase of merchandise and payment of
freight by Mathis.
2. Prepare the journal entry to record the April 8 return of merchandise.
3. Prepare the journal entry to record the April 10 payment to Reece
Who is the buyer/seller and complete both entreis?
Entries for Mathis
Prepare the journal entries to record these transactions on the books of Mathis Company
Entries for Reece
Prepare the journal entries to record these transactions on the books of Reece Company
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Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:
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