Amed Mercedes s e d on May 1 Macy Cais a major citer turen of een May All ah is first and only purchase of inventory for the period on May for 2 wis i re of 312 cash per unit (for a total cost of $14. ) Allied sold 1, of the units in inventory for $16 per unit invoice total i to Macy Conder credit teras 7/10, 1/6. The goods cost Allied $12.00 y returns 100 units because they did not fit the customer's needs invoice $1, ). A nd restore the units, which cost $1,200, to its inventory Nacy discovers that 100 nits are scuffed but are still of use and therefore, keeps the units. Allied Rives - price reduction allowance) and credits Macy's accounts receivable for SH to compensate for the damage 15 Allied receives payment from Macy for the amount owed on the May purchase payment is net af returns, allowances, and any cash discount. Exercise 5-5 Recording purchases, purchases returns, and purchases allowances LO P1 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.) search Amed Mercedes s e d on May 1 Macy Cais a major citer turen of een May All ah is first and only purchase of inventory for the period on May for 2 wis i re of 312 cash per unit (for a total cost of $14. ) Allied sold 1, of the units in inventory for $16 per unit invoice total i to Macy Conder credit teras 7/10, 1/6. The goods cost Allied $12.00 y returns 100 units because they did not fit the customer's needs invoice $1, ). A nd restore the units, which cost $1,200, to its inventory Nacy discovers that 100 nits are scuffed but are still of use and therefore, keeps the units. Allied Rives - price reduction allowance) and credits Macy's accounts receivable for SH to compensate for the damage 15 Allied receives payment from Macy for the amount owed on the May purchase payment is net af returns, allowances, and any cash discount. Exercise 5-5 Recording purchases, purchases returns, and purchases allowances LO P1 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.) search