Allied Merchandisers was orgainized on May 1. Macy Co. is a major custmet(buyer) of allied (seller) products.

Prepare the appropriate journal entries for Mact Co. to record each of the May transactions. Macy is a retailer that used the gross method and a perpetual inventory system, and purchases theese unitd for resale.

Help Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000). 5 Allied sold 1.000 of the units in inventory for $13 per unit (invoice total: $13,000) to Macy Co. under credit terms 2/10, n/60. The goods cost $9,000 to Allied. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300). Allied restores the units, which cost $900, to its inventory. 8 Macy discovers that 100 units are scuffed but are sti11 of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $500 toward the original invoice amount 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 May 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, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000). Note: Enter debits before credits. Date General Journal Debit Credit May 03 LO