Allied Merchandisers was organized on May 1, Macy Co. is a major customer (buyer) of Allied (seller) products .

my wor ! 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. 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000) 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $11,000. 7 Macy returns (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. 8 Macy discovers that 100 units therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage. 15 A1lied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. May 100 units because they did not fit the customer's needs are scuffed ut are still of use and, Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction list Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet