Reference no: EM131291854
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence
of events was as follows: (perpetual inventory system)
June 3 Purchased goods for $6,900 from Diamond Inc. with terms 3/10, n/30.
5 Returned goods costing $2,500 to Diamond Inc. for full credit.
6 Purchased goods from Club Corp. for $2,400 with terms 3/10, n/30.
11 Paid the balance owed to Diamond Inc.
22 Paid Club Corp. in full.
Required:
Prepare journal entries to record the transactions, assuming Ace uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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