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No Journal Entry Required

Accounts Payable

Accumulated Amortization

Accumulated DepreciationBuildings

Accumulated DepreciationEquipment

Accumulated DepreciationVehicles

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Notes Receivable (short-term)

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Treasury Stock

Unemployment Tax Payable

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Withheld Income Taxes Payable

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. 5 Returned goods costing $1,100 to Diamond Inc. for credit on account. 6 Purchased goods from Club Corp. for $1,0e0 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.) View transaction list 1 Record the inventory purchased of $4,100 on account / from Diamond Inc. with terms 2/10, n/30. Record the inventory returned of $1,100 to Diamond Inc. Record the inventory purchased of $1,000 on account Inc. with 2 3 from Club Corp. with terms 2/10, n/30. 4 Record the payment in full for the inventory to Diamond Credit Inc. 5 Record the payment in full for the inventory to Club Corp