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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 $5,900
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June 3 | Purchased goods for $5,900 from Diamond Incorporated with terms 3/10, n/30. |
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June 5 | Returned goods costing $2,000 to Diamond Incorporated for credit on account. |
June 22 | Paid the balance owed to Diamond Incorporated. |
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.)
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