During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:   June   3   Purchased goods for $4,500 from Diamond Inc. with terms 2/12, n/45.     5   Returned goods costing $1,300 to Diamond Inc. for credit on account.     6   Purchased goods from Club Corp. for $1,200 with terms 2/12, n/45.     11   Paid the balance owed to Diamond Inc.     22   Paid Club Corp. in full.   Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.

s ² Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Paid $120 cash for shipping charges related to the August 5 sale to Baird Corporation. August 9 August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters…

Provide all 17 journal entries

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