E6-22 (Supplement 6A) Recording Journal Entries for Purchases, Purchase Discounts (Net Method), and Purchase Returns Using a Perpetual Inventory System [LO 6-S1]

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30.

June 5 Returned goods costing $1,100 to Diamond Inc. for credit on account.

June 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30.

June 11 Paid the balance owed to Diamond Inc.

June 22 Paid Club Corp. in full.

Required: Prepare journal entries to record the transactions, assuming Ace records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged to Other Operating Expenses. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)