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June 4 12 a) 12 Assume use of the perpetual inventory system for both companies. Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was $6,300. Date Ace Discount Retail returned $500 of goods to A1 Supply for full credit. The goods had a cost of $350 to A1 Supply. Ace Discount Retail paid the account in full. Prepare the journal entries to record these transactions in Ace Discount Retails's records. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Account Titles and Explanation June 4 (To record return of goods) (To record payment) Debit Credit

June 4 12 a) 12 Assume use of the perpetual inventory system for both companies. Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was $6,300. Date Ace Discount Retail returned $500 of goods to A1 Supply for full credit. The goods had a cost of $350 to A1 Supply. Ace Discount Retail paid the account in full. Prepare the journal entries to record these transactions in Ace Discount Retails's records. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Account Titles and Explanation June 4 (To record return of goods) (To record payment) Debit Credit

Intermediate Accounting: Reporting And Analysis
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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June 4 12 (a) 12 Assume use of the perpetual inventory system for both companies. Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was $6,300. Date Ace Discount Retail returned $500 of goods to A1 Supply for full credit. The goods had a cost of $350 to A1 Supply. Ace Discount Retail paid the account in full. Prepare the journal entries to record these transactions in Ace Discount Retails's records. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Account Titles and Explanation June 4 (To record return of goods) (To record payment) Debit Credit
Transcribed Image Text:June 4 12 (a) 12 Assume use of the perpetual inventory system for both companies. Ace Discount Retail Company purchased $9,000 of merchandise, terms n/30 from A1 Supply Company. The cost of the merchandise was $6,300. Date Ace Discount Retail returned $500 of goods to A1 Supply for full credit. The goods had a cost of $350 to A1 Supply. Ace Discount Retail paid the account in full. Prepare the journal entries to record these transactions in Ace Discount Retails's records. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Account Titles and Explanation June 4 (To record return of goods) (To record payment) Debit Credit
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