Problem #2: Purchasing and Seller Journal Entries Aces Computer Inc. purchased inventory from Millies Wholesale. Below is a timeline of the events. Prepare the JEs for Aces Computer Inc. (the purchaser) point of view and prepare the JEs for Millies Wholesale (the seller) point of view. If no entry is necessary, write no JE necessary. Note: The goods sold on 6/4 cost Millies Wholesale $1,750. The goods that were returned on 6/7 had a scrap value of $250 for Millies Wholesale.

1-On June 4^th, Aces Computer Inc. purchased inventory for $3,500 from Millies Wholesale on account with terms 4/10, n/30.

2-Aces Computer Inc. paid freight of $250 on June 5^th (FOB shipping point).

3-On June 7^th, Aces Computer Inc. returned $750 inventory due to defects.

4- On June 14^th, Aces Computer Inc. paid Millies Wholesale.

5-Assume that Aces Computer Inc. pays Millies Wholesale on 6/15 (after the discount period ends). What would be the journal entries for Aces Computer Inc. and Millies Wholesale.