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1. During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for
1. During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $3,200 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 Required: Using the information, 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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