2 Part 2 of 2 2 points ellook Him 14 Print References 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 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). May 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,880) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $12,000. May 7 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. May 8 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. May 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 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. (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 Help Save & Exit Check my w 2 points Journal entry worksheet eBook Print References Hint Mc 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). Note: Enter debits before credits Date May 03 1 Purchases General Journal Debit Credit Record entry Clear entry View general journal Part 2 of 2 View transaction list 2 points Journal entry worksheet 3 4 eBook . He Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Company under credit terms 2/10, n/60. The goods cost $12,000 to Allied. Note: Enter debits before credits. Date Print May 05 Referances General Journal Debit Credit Record entry Clear entry View general journal Part 2 of 2 Required information View transaction list 2 points Journal entry worksheet 4 eBook References 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 Date May 07 General Journal Debit Credit Record entry Clear entry View general journal 2 Required information Part 2 of 2 2 points View transaction list Journal entry worksheet eBook Hint 2 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. Note: Enter debits before credits. Date Pri May 08 References General Journal Debit Credit Record entry Clear entry View general journal Required information Part 2 of 2 View transaction list 2 points Journal entry worksheet Book HR Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits. General Journal Debit Credit Date Pri May 15 Cash Sales discounts References Accounts receivable Record entry Clear entry View general journal