Mathis Company and Reece Company

Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:

1. 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 $2,800 and the cost of the merchandise sold was $2,450.
2. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its warehouse.
3. On April 8, Mathis returned $1,000 of the merchandise. The cost of the merchandise returned was $700.
4. On April 10, Mathis paid Reece the balance due.

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