Question: Refer to the information for Cornerstone Exercise 6-20. Assume that Mathis uses a periodic inventory system. Required: 1. Prepare the journal entry to record the

Refer to the information for Cornerstone Exercise 6-20. Assume that Mathis uses a periodic inventory system.


Required:

1. Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company.

2. Prepare the journal entry to record the payment of freight on April 1.

3. Prepare the journal entry to record the April 8 return of merchandise.

4. Prepare the journal entry to record the April 10 payment to Reece Company.


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