Check my work was to be TYPED Wowowa Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied (seller) products Expert Answer Anary Gee jouw NO 1 MA Hay 3 Allied made its first and only purchase of Inventory for the period on my for 2,000 units at a price of $11 cash per unit (for a total cost of 122,000) Hay 5 Allied sold 1,000 of the units in Inventory for $15 per unit (Invoice totalt 315.000) to Macy Company under credit terms 2/10, 1/60. The goods cost Allfed $11,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice mount: $1,500). Allied restores the units, which cost $1,100, to its inventory. Hay & Nacy 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. May 15 Allied receives payment from Hacy for the mounted on the May 5 purchase: payment is het of returns, allpwances, and any cash discount. 2 Mys Co of Gooe 3 Mas * Masy Currise 4-8 (Algo) Recording purchases, purchases returns, and purchases Journal entry worksheet Gene NO 0 2 3 1 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total $15,000) to Macy Company under credit terms 2/10, 1/60. The goods cost $11,000 to Allied 2 Note: Enter debits before credits 3 Debit Credit Date May 05 General Journal Sales Cost of goods sold View general journal Clear entry Journal entry worksheet Hint 5 Ne 1 AK Macy returns 100 units because they did not fit the customer's needs invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. 2 May Print Note: Enter debits before credits . M Debit Credit Date General Journal eferences May 07 5 5 Vies general journal Clear entry Record entry Journal entry worksheet Hint 3 5 > + M ACK Macy discovers that 100 units are scuffed but we aim 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: 3 Me Print Note: Enter debits before credit > os Duble Date General Journal References May 08 View general Clear entry Record entry Journal entry worksheet Hint 3 4 1 Mall ASK Allied receives payment from Macy for the amount owed on the May purchase; payment is not of returns, allowances, and any cash discount 3 Print Note: Enter debits before credits Date Dehli General Journal References . May 15 15 . View ournal Clear entry Record entry
