Reference no: EM131292187
Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3]
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June 3 Purchased goods for $6,500 from Diamond Inc. with terms 3/10, n/30.
5 Returned goods costing $2,300 to Diamond Inc. for full credit.
6 Purchased goods from Club Corp. for $2,200 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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: Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3]. Prepare journal entries to record the transactions, assuming Ace uses a perpetual inventory system.
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