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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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