Transcribed Image Text: Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:

Transcribed Image Text: 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 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.
b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse.
c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500.
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
(Recorded sale on account)
April 1
(Recorded cost of merchandise sold)
April 8
(Record return of merchandise)
April 8 Transcribed Image Text: April 8
(Recorded cost of merchandise returned)
April 10
(Received customer payment within discount period)

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