2 Part 2 of 2 2 points Sed Required information Use the following information for the Exercises below. [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 Loventory for the period on May 3 for 2,000 unite at a price of $7 cash per unit (for a total cost of $14,000). Hay Allied sold 1,000 of the units in inventory for $11 per unit (invoice totals $11,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $7,000. Hay 7 Macy returns 100 units because they did not fit the customer's needs (invoice amounts $1,100). Allied restores the units, which cost $700, to its inventory. ellock May Het Print Meterences 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 $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the Hay 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 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 Fat 2 Prenare me annmonroe numai enines for marvi omniany in com paen nine may transartinos Macy K Required information Part 2 of 2 2 points View transaction list Journal entry worksheet < Skipped eBook Hint 2 3 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $7 cash per unit (for a total cost of $14,000). Print References Note: Enter debits before credits. Date May 03 General Journal Debit Credit Record entry Clear entry View general journal