0 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 Hay 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). s Allied sold 1,000 of the units in Inventory for $16 per unit (invoice total: $16,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied 512,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: 51,600). Allied restores the units, which cost $1,200, to its inventory. 3 Macy discovers that 100 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 $800 to compensate for the damage. 15 Allied receives payment from Hacy for the amount owed on the May 5 purchase payment is net of returns allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co to record each of the May transactions Macy is a retailer that uses the gross method and a perpetual inventory systems it purchases these units for resale (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 appropriale journal entries for Macy Co 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. (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 4 5 Allied sold 1,000 of the units in inventory for $16 per unit (Invoice total: $16,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost $12,000 to Allied Note: Enter debits before credits General Journal Date May 05 Debit Credit 2 Prepare the appropriate journal entries for Macy Co 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 (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 4 Les 5 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,600). Allied restores the units, which cost $1,200, to its inventory Note: Enter debits before credits General Journal Date May 07 Debit Credit Prepare the appropriate journal entries for Macy Co 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. (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 Macy discovers that 100 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 $800 to compensate for the damage Note: Enter debts before credits General Journal Date May 08 Debit Credit Prepare the appropriate journal entries for Macy Co 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 (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