finish chart

Required information [The following information applies to the questions displayod below.] Allied Merehandisers was organized on May 1. Macy Company is a major customer (buyer) of Alied (seller) products. May 3 Allied eade its first and onty purchase of inventory for the period an May 3 for 2, eae units at a price of $8 cash per unit (for a totat cost of $16,208 )... May 5 Allied sold 1 , eea of the units in inventory for $12 per unit (invoice totali $12,e0e) to Macy company under credit teras 2/10,n/66. The goods cost Altied s8, eas. May 7 lacy returns 100 units because they did not fit the custoner's needs [invoice atountt 11,200}. Allied restores the units, waich cost ssae, to its inventory. May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Altied gives a price reduction (allewance) and credits Macy's accounts receivable for s4ae to coepensate for the danage. May 15 Allied recesves paynent from Macy for the anount ownd on the May 5 purchase; payinent is net of returns, allowances, and any cash discount. Use the above informations, analyze each transaction by indicating its effects on the income statement-specificaliy, identify the accounts and amounts (including +or ) for each transaction. restores the onits, which cest 800 , to its inventory. May: 8 Macy disconers that 100 unats are acuffed but are itit af use and, therefore, keeps the anits. conpensate for the donaye. May 15 Athed receives paynent iroo Macy for the abount oved oat the kay 3 purchasef pagent is het of returtis, atdonances, and arig cash discont. accounts and amounts pncluding + or 1 for each transaction. 3b400a ustotiet"s needs IImvoice abounti \$1, 20b). ALlied 11. of usio and, therefore, keeps the units. s Hacy 's accgunts recesvabte for $4ed to on the hay 5 purchased payent is Aet of Hetr on the income statement-specificaly, identify the