3. need help please

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. 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 $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,800) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. 8 Macy discovers that 200 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. 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 Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual Inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, sele- "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 search 8 3 Required information Part 2 of 2 Journal entry worksheet 1 2 3 4 5 16.66 points Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). eBook Hint Print Debit Credit References May 03 Note: Enter debits before credits Date No journal entry required Accounts payable Accounts receivable Accumulated depreciation Additional paid-in capital Record entry Clear entry View general journal Me 3 Required information Part 2 of 2 Journal entry worksheet Saved 3 Required information Part 2 of 2 Journal entry worksheet