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:

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.)