June 4 = Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was 6,300 12 = Ace Discount Retail returned $500 of goods to A1 supply for full credit. the goods had a cost of $350s to A1 Supply 12 = Ace Discount Retail paid the account in full Assume use of the perpetual inventory system for both companies (a) Prepare the journal entries to record these transactions in Ace Discount Retails's records (b) Prepare the journal entries to record these transactions in A1 Supply's records

June 4 = Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was 6,300 12 = Ace Discount Retail returned $500 of goods to A1 supply for full credit. the goods had a cost of $350s to A1 Supply 12 = Ace Discount Retail paid the account in full Assume use of the perpetual inventory system for both companies (a) Prepare the journal entries to record these transactions in Ace Discount Retails's records (b) Prepare the journal entries to record these transactions in A1 Supply's records

Name: June 4 = Ace Discount Retail Company purchased $9,000 of merchandise,
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Description: June 4 = Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was 6,300 12 = Ace Discount Retail returned $500 of goods to A1 supply for fullcredit. the goods had a cost of $350s

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...

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Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory system and a 360-day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory system.
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