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During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $7,900
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $7,900 from Dianond Incorporated with terms 3/10,n/30. June 5 Returned goods costing $3,000 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $2,900 with terms 3/10,n/30. June 11 Paid the batance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet
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