events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10,n/30 Returned goods costing $1,100 to Diamond Inc. for full credit Purchased goods from Club Corp. for $1,000 with terms 2/10, 1/30. 11 Paid the balance owed to Diamond Inc. Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on na at the beginning of the month. Calculate the cost of inventory as of June 30. LO 6-3 E6-10 Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System Using the information in E6-9, prepare journal entries to record the transactions, assy uses a perpetual inventory system. actions, assuming A