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June 3 Purchased goods for $7,700 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $2,900 to Diamond Inc. for credit on account.

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June 3 Purchased goods for $7,700 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $2,900 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,900 with terms 2/10, 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 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.) & Answer is not complete. No Date General Journal Debit Credit - z 1 June 03 X 7,700 X Supplies Accounts Payable 7,700 X 2 June 05 2,900 X Accounts Payable Supplies x 2,900 X 3 June 06 x 1,900 X Supplies Accounts Payable 1,900 X 4 June 11 4,800 Accounts Payable Supplies Cash X 96 X 4,704 X 5 June 22 1,900 X Accounts Payable Cash 1,900 X

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