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E6-10 Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated
E6-10 Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3]
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: |
June 3 | Purchased goods for $6,500 from Diamond Inc. with terms 3/10, n/30. |
5 | Returned goods costing $2,300 to Diamond Inc. for full credit. |
6 | Purchased goods from Club Corp. for $2,200 with terms 3/10, n/30. |
11 | Paid the balance owed to Diamond Inc. |
22 | Paid Club Corp. in full. |
Required: |
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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