Question

E6-10 Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,500 from Diamond Inc. with terms 2/10, n/30 5 Returned goods costing $1,300 to Diamond Inc. for full credit 6 Purchased goods from Club Corp. for $1,200 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 uses a perpetual inventory system. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) View transaction list Journal entry worksheet Record the inventory purchased of $4,500 on account from Diamond Inc. with terms 2/10, n/30 Note: Enter debits before credits Date General Journal Debit Credit June 03 Record entry Clear entry View general journal