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Required information The following information applies to the questions displayed below] Alled Merchandisens was organized on May 1 Macy Compacy is a major customer (buyer) of Alied (seller) products: Aay a allied nade its first and only purchese af immstory for the peried on May a for 3, eve anits at a gives a price reduction (aliewance) and credits Macy's accesuets receivable fer seoo to conpensate for the danage. may as Aliled recelves poytent tren kacy fer the ansont oned on the may s puechoses payment is net of returm, aligwances, and any crah discount Use the above infommions, ansivze esch tansaction by indicating its eflects on the income statement-specifialy identify the accourts and amovets fincluding tor if for each tranoection. [The following information applies to the questions displayed below.] Alied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied nade its first and only purchase of Inventory for the period on May 3 for 3,00 units at a price of $ B cash per unit (for a total cost of $24,000 ). May 5 Allied sold 4 , 500 of the units in inventory for $12 per unit (invoice total: $18,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $12,000. May 7 Macy roturns 150 units because they did not fit the customer's needs (invoice anount: $1,800 ). Allied restores the units, which cost $1,200, to its inventory. May 8 Macy discovers that. 156 units are scuffed but are stili of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to conpensate for the danage. May 15 Allied recelves paysent froe Macy for the amount owed on the May 5 purchase; paysent is net of returns, allowances, and any cash discount. Prepare joumal entries to secord the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. [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 3,000 units at a piriee of $8 cash per unit (for a total cost of $24,000 ). May 5 Allied sold 4 , 500 of the units in inventory for 512 per unit (Anvoice total: $18,000 ) to Macy conpany under credit terias 2/10, n/69, The goods cost Allied 312,000. May 7 Macy roturns 150 units because they did not fit the custoser's needs (invoice asount: 31, Boo). All1ed restores the units, which cost 51,200 , to its inventory. May 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 $600 to conpensate for the danige. hay is Nilled recelves paysent fron Macy for the asount owed on the hay 5 purchase: paynent is net of returns, allimances, and any cash discount. Prepare joumal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. [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. Nay 3 Allied node its first and only purchase of imventory for the period on May 3 for 3,000 units at a price of 38 cash per unit (for a total cost of $24,000 ). May 5 Aliled sold C,500 of the units in inventory for $12 per unit (1nvolce total: $18,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $12,000. May 7 Macy returns 150 units because they did not fit the custoner's needs (invoice amount: $1,800 ). Allied restores the units, which cost $1,200, to its inventory. May 8 Macy discovers that iso units are scuffed but are stili of use and, therefore, keeps the units. Al1ied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the danage. May 15 Allied receives paysent, fron kacy for the anount owed on the May 5 purchase; paynent is net of returns, allowsnces, 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 234567 Allied made its. first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000 )

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