Facebook 4:25 PM CO 27% Required informace The the played be Aed Merchandisers worden Myt Macy Comer yer of her heyrt ch ws 15 Adres ces, Prepare the appropriate for Macy Co record Mayon Mises the May Mehdy O 2000 20 000 2 21.00 wand 3 My o O Acourse Sed 0 0 OO My TO OOO AL O 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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,see of the units in inventory for $14 per unit invoice total: $21,e2e) to Macy Co. under credit terms 2/10, n/6e. The goods cost Allied $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage. 15 Allied receives payment from Macy for the amount owed 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 anch of the Maventations 1 Required information Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction "No journal entry required" in the first account field.) NO Date General Journal Debit Credit 16/50 points awarded 1 May 03 20,000 Merchandise inventory Cash Scored 20,000 2 May 05 21,000 21,000 Accounts receivable Sales Cost of goods sold Merchandise inventory 15,000 15,000 3 May 07 1,750 1,750 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 1,250 1.250 4 May 08 300 Sales returns and allowances Accounts receivable 300 5 May 15 18,571 379 x X Cash Sales discounts Accounts receivable Lased calcuni debuted 18,950