Using the information in E6-9, prepare journal entries to record the transactions, assuming Ace uses a perpetual
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Info E6-9
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $ 4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $ 1,100 to Diamond Inc. 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 Inc. 22 Paid Club Corp. in full.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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