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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. June 5 Returned goods costing $2,000 to Dianond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,900 with terms 3/10,n/30. June 11 Paid the balance oved to Diamond Incorporated. June 22 . Paid Club Corporation in futt. 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 5 Record the inventory purchased of $5,900 on account from Diamond Incorporated with terms 3/10,n/30. Note: Enter debits before credits. Journal entry worksheet Record the inventory returned of $2,000 to Diamond Incorporated. Note: Enter debits before credits. Journal entry worksheet Record the inventory purchased of $1,900 on account from Club Corporation with terms 3/10,n/30. Note: Enter debits before credits; Journal entry worksheet Record the payment in full forgthe inventory to Diamond Incorporated. Note: Enter debits before credits. Journal entry worksheet
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