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Question: Recording Journal Entries for Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3 Purchased goods for $3,200 from Diamond Ltd. with terms 2/10, n/30.

5 Returned goods costing $1,100 to Diamond Ltd. for full credit.

6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30.

11 Paid the balance owed to Diamond.

22 Paid Club Corp. in full.

Required: Assume Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Prepare journal entries to record the transactions.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93078752

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