Using the information in E6-8, prepare journal entries to record the transactions, assuming Ace records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged to Other Operating Expenses.

Data from E6-8:

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 credit on account.

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.