Chec $11,000 May 7 Hacy returns 100 units because they did not fit the customer's needs (voice amount: $1,500). Allied restores the units, which cost $1,100, to its Inventory. Hoy 8 Hacy discovers that 120 units are scuffed but are still of use and therefore, keeps the units. Allied gives a price reduction (ollowance) and credits moy's accounts receivable for $700 to compensate for the usage May 15 Allied receives payment from mocy for the most owed or they surchase; payment is net of returns, allowances, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances L Prepare journal entries to record the following transactions for Allied assuring it uses a perpetu hventory system and the gross method View transaction list Journal entry worksheet Macy discovers that 100 units are scuffed but are still of use and therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage Note: Enter debits before credits Date Debi May 08 General Journal Merchandise inventory Sales discounts Record entry Clear entry View general journal Ched $11,000 May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: 11,500). Allied restores the units, which cost $1,100, to its inventory May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage Hay 15 Allied receives payment from Hacy for the amount owed on the My 5 purchase; payment is net of returns, allowances, and any cash discount. rcise 4-6 (Algo) Recording sales, sales returns, and sales allowances ate journal entries to record the following transactions to Aled assuming it uses a perpet ntory system and the gross method few transaction ist Journal entry worksheet Chec $11,000 May 7 Hacy returns 100 units because they did not fit the customer's needs (voice amount: $1,500). Allied restores the units, which cost $1,100, to its Inventory. Hoy 8 Hacy discovers that 120 units are scuffed but are still of use and therefore, keeps the units. Allied gives a price reduction (ollowance) and credits moy's accounts receivable for $700 to compensate for the usage May 15 Allied receives payment from mocy for the most owed or they surchase; payment is net of returns, allowances, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances L Prepare journal entries to record the following transactions for Allied assuring it uses a perpetu hventory system and the gross method View transaction list Journal entry worksheet Macy discovers that 100 units are scuffed but are still of use and therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage Note: Enter debits before credits Date Debi May 08 General Journal Merchandise inventory Sales discounts Record entry Clear entry View general journal Ched $11,000 May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: 11,500). Allied restores the units, which cost $1,100, to its inventory May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage Hay 15 Allied receives payment from Hacy for the amount owed on the My 5 purchase; payment is net of returns, allowances, and any cash discount. rcise 4-6 (Algo) Recording sales, sales returns, and sales allowances ate journal entries to record the following transactions to Aled assuming it uses a perpet ntory system and the gross method few transaction ist Journal entry worksheet
