3 Part 3 of 3 Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] 4 points 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 1,088 units at a price of $11 cash per unit (for a total cost of $11,980). May 5 Allied sold see of the units in inventory for $15 per unit (invoice total: $7,580) to Macy Company under credit terms 2/10, n/6e. The goods cost Allied $5,500 May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that 50 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 $350 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. eBook et Hint Exercise 4-8 (Algo) Recording purchases, purchases returns, purchases allowances Part 3 of 3 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 fleld.) 4 points View transaction list eBook Journal entry worksheet 2 3 4 5 Hint Allied sold 500 of the units in inventory for $15 per unit invoice total: $7,500) to Macy Company under credit terms 2/10, 1/60. The goods cost $5,500 to Ask Allied. Note: Enter debits before credits. Print Date Debit Credit General Journal Accounts receivable May 05 References Sales Record entry Clear entry View general journal Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 Part 3 of 3 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 fleld.) oints View transaction list eBook Journal entry worksheet 3 > Hint Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. Ask Note: Enter debits before credits. Print Date General Journal Debit Credit May 07 References Record entry Clear entry View general journal 3 Part 3 of 3 Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] 4 points 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 1,088 units at a price of $11 cash per unit (for a total cost of $11,980). May 5 Allied sold see of the units in inventory for $15 per unit (invoice total: $7,580) to Macy Company under credit terms 2/10, n/6e. The goods cost Allied $5,500 May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that 50 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 $350 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. eBook et Hint Exercise 4-8 (Algo) Recording purchases, purchases returns, purchases allowances Part 3 of 3 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 fleld.) 4 points View transaction list eBook Journal entry worksheet 2 3 4 5 Hint Allied sold 500 of the units in inventory for $15 per unit invoice total: $7,500) to Macy Company under credit terms 2/10, 1/60. The goods cost $5,500 to Ask Allied. Note: Enter debits before credits. Print Date Debit Credit General Journal Accounts receivable May 05 References Sales Record entry Clear entry View general journal Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 Part 3 of 3 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 fleld.) 4 points View transaction list eBook Journal entry worksheet Hint Ask Macy discovers that 50 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 $350 to compensate for the damage. Note: Enter debits before credits. Print General Journal Debit Credit Date May 08 References Record entry Clear entry View general journal Part 3 of 3 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/ever select "No journal entry required" In the first account fleld.) 4 points View transaction list eBook Journal entry worksheet