Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Alied made its first and only purehase of inventory for the period on May 3 for 2,000 units at a 5 Allied old 1,000 of the units in inventory for S16 per unit (invoice totali sie,000) to Maey Co. 7 Macy returna 100 units beeause they did not fit the customer's needs (invoice amounti $1,600). Allied 8 Hacy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied price of $12 cansh per unit (for a total cost of $24,000) under eredit terms 2/10, n/60. The goods cost $12,000 to Allied. restores the units, which cost $1,200, to its inventory senda Hacy credit momorandum for $800 tovard the original invoice amount to compensate for the 2 of 2 damage 15 Allied receives payment from Nacy for the amount oved 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, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit May 03 Merchandise inventory Accounts payable 24,000 24,000 18,0 2 May 05 Sales 16,000 3Ma 07 1.600 Cost of goods sold Merchandise inventory ,600 May 08 Sales returns and allowances 800 Accounts receivable 800 May 15 Cash 13,328 Sales discounts 01 2720 Accounts receivable 13,600 3 Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Alied made its first and only purehase of inventory for the period on May 3 for 2,000 units at a 5 Allied old 1,000 of the units in inventory for S16 per unit (invoice totali sie,000) to Maey Co. 7 Macy returna 100 units beeause they did not fit the customer's needs (invoice amounti $1,600). Allied 8 Hacy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied price of $12 cansh per unit (for a total cost of $24,000) under eredit terms 2/10, n/60. The goods cost $12,000 to Allied. restores the units, which cost $1,200, to its inventory senda Hacy credit momorandum for $800 tovard the original invoice amount to compensate for the 2 of 2 damage 15 Allied receives payment from Nacy for the amount oved 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, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit May 03 Merchandise inventory Accounts payable 24,000 24,000 18,0 2 May 05 Sales 16,000 3Ma 07 1.600 Cost of goods sold Merchandise inventory ,600 May 08 Sales returns and allowances 800 Accounts receivable 800 May 15 Cash 13,328 Sales discounts 01 2720 Accounts receivable 13,600 3
