Problem
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June 3 Purchased goods for $3,200 from Diamond Inc. with terms 2/10, n/30
5 Returned goods costing $1,100 to Diamond Inc. for full credit
6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30
11 Paid the balance owed to Diamond Inc.
22 Paid Club Corp. in full
Task
Using the information, prepare journal entries to record the transactions, assuming Ace uses a perpetual inventory system.