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Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...

Question:

Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inven
April 8 (Recorded cost of merchandise returned) April 10 _ (Received customer payment within discount period)
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales 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 Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, 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: Prepare the journal entries to record these transactions on the books of Reece Company. Assume that Reece uses the net method to record sales on account. For a compound transaction, if an amount box does not require an entry, leave it blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Recorded return of merchandise)
April 8 (Recorded cost of merchandise returned) April 10 _ (Received customer payment within discount period)

Answers

Credit Date General Jounral Apr-01 Accounts Receivable Sales Debit $3,500.00 $3,500.00 (To Record sales) $2,450.00 Apr-01 Cos

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