4 aints eBook Required information Use the following information for the Exercises 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 3,800 units at a price of $8 cash per unit (for a total cost of $24,000). 5 Allied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, n/60. The goods cost $12,000 to Allied. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,808). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 units are scuffed but are stilt of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $600 toward the original invoice amount to compensate for the damage. 15 Allied receives paynent from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Print References Exercise 5-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-ench) D oints Journal entry worksheet eBook s Allied sold 1,500 of the units in Inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, n/60. Note: Enter debits before credits. Date General Journal Debit Credit May 05 Record entry Clear entry View general journal Journal entry worksheet 2 2 4 5 6 7 > ook Fint Record the cost of goods sold. ences Note: Enter debits before credits. Date May 05 General Journal Debit Credit Record entry Clear entry View general Journal 1 MATNA ON BETIMETEC ROTHME ICINA EN BIETIDA ONU ATBn voren Required information VIEW SUGITTIS Journal entry worksheet