During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3	Purchased goods for $6,700 from Diamond Inc. with terms 2/10, n/30.
5	Returned goods costing $2,400 to Diamond Inc. for full credit.
6	Purchased goods from Club Corp. for $2,300 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.) Explanation: June 11: Accounts Payable = $6,700 – $2,400 = $4,300 Cash = $4,300 × 98% = $4,214 Inventory = $4,300 × 2% = $86