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Ace Inc. is a merchandiser which uses the perpetual inventory system. It had the following transactions occur during September: Sept 1: Purchased inventory costing $8,000

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Ace Inc. is a merchandiser which uses the perpetual inventory system. It had the following transactions occur during September: Sept 1: Purchased inventory costing $8,000 on account, terms 1/15, 1/30. Sept 10: Paid for the inventory previously purchased on Sept 1 Required: In the journal below, record these two transactions. Do not include symbols, decimals or cents in the numerical response Date Debit Credit Sept 1 Inventory 8000 Accounts Payable . 8000 Sept 10 Accounts Payable . 8000 Cash Inventory

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