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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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