During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of...
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Accounting
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June Purchased goods for $ from Diamond Incorporated with terms n
June Returned goods costing $ to Diamond Incorporated for credit on account.
June Paid the balance owed to Diamond Incorporated.
Required:
Prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
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