Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)

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Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method.

May 3 5 7 8 15 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units

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