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Required information [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 price of $11 cash per unit (for a total cost of $33,000). May 5 Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $16,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,250). Allied restores the units, which cost $1,650, 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 $1,050 to compensate for the damage. Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. May 15 Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Nota: Enter debits before gradit 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000). >

Alled Merchandisers was organized on May 1. Macy Company is a major custor May 3 . Allied nade its first and only porchisse of inventory for the period on cash pen unit. (for a total cost of $33,600 ). Ney s ALIled sold 1,500 of the units in inventory for $15 per unit (invaice credit terns 2/20,0/50. The goods cost Alited 516,500 . May 7 Macy returns 15 i units because thes did not fit the custoner's needs (1) the units, which cost $1,659, to its inventory? hay a Kacy discovers that ise units are scuffed but are still of use and, thei price reduction (ellowanca) and credits Macy"s accounts receivable for May 15 Allied receives paysent from racy for the anount ourd do the May 5 purch Bllowneses, and ony cash discoont. bare the appropriate joumal entries for Macy Company to record each of the May trai ss method and a perpetual inventory system it purchases these units for resale e: If no entry is required for o tronsoction/event, select "No journal entry required" Journal entry worksheet Macy diccovers that 150 units are scutfed but are still of wse and, therefore, keops the units, Allied gives a price reduction (allowance) and credits Macy's. accounts recelvable for 51,050 to compensate foe the damage. [The following information applies to the questions displayed below] Alied Merchandisers was organized on May 1 Macy Company is a major custom May 3 Allied aade its first and only pwrchase of inventory for the period on cash per unit (for a total cost of 533,600 ). May 5 Allied sold 1, soo of the units Is inventory for $15 per unit (invoice to credit terms 2/1s, n/69. The goods cost Allfed $15,560. roy 7 mocy returns is units becwise they did not fit the custcoer's needs (in the enits, which cost 51,650 , to its inventory. May of Mary discovers that 1 ise uniti are scuffed but are stil1 of use and, ther: prlce neduction (allowance) and crediti rocy's accounts recelvable for May 15 Allied recelvos payent froe Nacy for the thount owed on the May 5 purcha allowances, and any cash dittoust. Prepare the appropriate joumal entries for Macy Company to record each of the May tran gross method and a perpetual inventory sybtent 4 purchases these units for resale Note: If no entry is required for a trensection/event, select "No journal entry required" Journal entry worksheet Alled soid 1,500 of the units in inveneory for $15 per unit (invoice total: $22,500) to Macy Comparm under or sis terms 2/10, n/60. The goeds cost $16,500 to Allied. Note, Enter sebie belore crides. May 5 Allied sold 1,580 af the units in inventory for $15 per unit (invo. credit teras 2/10,n/60. The goods cost Allied $16,500. May 7 Macy returns 158 units because they did not fit the custoner's need the units, which cost $1,659, to its inventory. May 8. Macy discovers that 150 units are scuffed but are still of use and, price reduction (allowance) and credits Macy's accounts receivable May 15 allied receives paynent fron Hacy for the anount owed on the May 5 allowances, and any cash discount. are the appropiate joumal entries for Macy Company to record each of the Ma method and a perpetual inventory system, if purchases these units for resale. If no entry is required for a transoction/event, select "No journal entry requi Journal entry worksheet

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