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During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of...

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Accounting

During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:
June 3 Purchased goods for $4,700 from Diamond Incorporated with terms 2/10, n/30.
June 5 Returned goods costing $1,400 to Diamond Incorporated for credit on account.
June 22 Paid the balance owed to Diamond Incorporated.
Required:
Prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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