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Journal entries assuming ace uses a perpetual inventory

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Reference no: EM13874014

Info E6-9

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $ 4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $ 1,100 to Diamond Inc. for full credit. 6 Purchased goods from Club Corp. for $ 1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full.

Using the information in E6-9, prepare journal entries to record the transactions, assuming Ace uses a perpetual inventory system.

Reference no: EM13874014

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