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[The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products: May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10. cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: \$21, eve) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. Moy 7 Macy returns 125 units because they did not fit the custoner's needs (invoice anount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the dasage. May 15 Allied receives paynent fron Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet 567 Alled sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10,n/60. Hotet Enter debits before credits. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of imventory for the period on May 3 for 2 , 600 unlts ot a price of $10 cash per unit (for a total cost of $20,000 ). hay 5 Allied sold 1,500 of the units in inventory for $14 per unit (1nvolce total: \$21, 000) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 undts are scuffed but are still of use and, therefore, keeps the units, Allied gives a price reduction (allowance) and credits kacy's accounts receivable for $390 to compensate for the damage. May 15 Allied receives payment fron Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Journal entry worksheet 7 Macy returns 125 units because they did not fit the customer's needs (involce amount: 51,750 ). Notei Enter debits befare credita. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products Moy 3 Allied made Its first and only purchase of inventory for the period on May 3 for 2,000 unfts at a price of $10 cash per unit (for a total cost of $20,600 ). May 5 Allied sold 1 , see of the units in inventory for $14 per unit (involice totol: $21,090 ) to Macy Company under credit terns 2/16,n/60. The goods cost Allied $15,060. May 7 Macy returns 125 units becouse they did not fit the custoner's needs (involce amount: \$1,750). Allied restores the units, which cost $1,250, to lis inventory. Moy 8 Mocy discovers that 200 units are scuffed but ore still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. Moy is Allied recelives payment froa Macy for the amount owed on the May 5 purchase; payment is net of returns. allowances, and any cash discount. repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Journal entry worksheet Altied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Noter Enter debies before ciedits. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. Moy 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (involce total: $21,009 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (invoice amount; $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Mocy discavers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allovances, and any cash discount. repare joumal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross hethod: Journal entry worksheet Allied restores the units, which cost $1,250, to its inventory. Notes: Enter debits before credits. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. Kay 3 Allied sade 1 ts first and only purchase of inventory for the period on May 3 for 2,000 units at a price of 510 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 2 , 590 of the units in Inventary for $14 per unit (involce totali $21, e00) to Hacy Company under credit teres 2/10,/60. The goods cost Alifed $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (invoice anount: $1,750 ). Allied restores the onits, which cost 51,250 , to its inventery. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allfed glves a price reduction (allowance) and credits Hacy"s accounts recelvable for $300 to compensate for the danage. May 15 Allied receives paynent from Macy for the abount oued on the May 5 purchase; paynent is net of returns, allowances, and ony cosh discount. Prepare joumal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet Macy discovers that 200 units are sculfed but are still of use and, therefore. keeps the units. Altied gives a price reduction (allowance) and credits:Macy's accounts receivable for $300 to compensate for the damago. Nohe: Enter debits before credits. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,00e units at o price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1, 500 of the units in inventory for $14 per unit (invoice total: $21,090 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (involce anount: 51,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers thot 200 units are scuffed but are sti11 of use and, therefore, keeps the units. Allied gives a price reduction (allovance) and credits Macy's accounts receivable for $390 to compensate for the damage. May 15 Allied receives payment fron Macy for the amount owed on the Hay 5 purchase; paynent is net of returns, allowances, and any cosh discount. repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Journal entry worksheet 234567 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). Noter Enter debits before creditu. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied (seller) products. Moy 3 Allied made its first and only purchase of inventory for the perlod on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 2,500 of the units in inventory for $14 per unit (involce total $21,000 ) to Macy Company under credit terns 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (involice anount: 31,750), Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 280 units are seuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $390 to compensate for the dasage. May 15 allied receives payment from Macy for the amount oued on the May 5 purchase; paynent is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet

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