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! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. 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 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,100). Allied restores the units, which cost $1,500, to its inventory. 8 Macy discovers that 150 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 $900 to compensate for the damage. 15 Allied receives payment from 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 > for Allied made its first and only purchase of inventory for the period on May 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). Note: Enter debits before credits. Chase Company has 10 employees, who earn a total of $2,900 in salaries each working day. They are paid on Monday for the five-day workweek ending on the previous Friday. Assume that year ended on December 31, which is a Wednesday, and all employees will be paid salaries for five full days on the following Monday. The adjusting entry needed on December 31 is: Multiple Choice Debit Salaries Expense, $14,500; credit Salaries Payable, $14,500. Debit Salaries Expense, $8,700; credit Cash, $8,700. Debit Salaries Expense, $5,800; credit Salaries Payable, $5,800. Debit Salaries Expense, $8,700; credit Salaries Payable, $8,700. Debit Salaries Payable, $8,700; credit Salaries Expense, $8,700. A company purchased new furniture at a cost of $33,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3,900. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31? Multiple Choice O $1,455 $1,845 $485 $5,745 $1,650

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