General Journal:

No journal entry required

Accounts payable

Accounts receivable

Accumulated depreciation

Building

Cash

Cost of goods sold

Delivery expense

Depreciation expense

Interest expense

Interest income

Interest payable

Interest receivable

Land

Merchandise inventory

Miscellaneous expenses

Other expenses

Purchases

Purchases discounts

Purchases returns and allowances

Sales

Sales discounts

Sales returns and allowances

Transportation-in

Required information [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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 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 $450 to compensate for the damage. May 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 Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 25> Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $7 cash per unit (for a total cost of $21,000 ). Note: Enter debits before credits. Required information [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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 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 $450 to compensate for the damage. May 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 Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost $10,500 to Allied. Note: Enter debits before credits. Required information [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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650 ). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 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 $450 to compensate for the damage. May 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 Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650 ). Allied restores the units, which cost $1,050, to its inventory. Note: Enter debits before credits. Required information [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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 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 $450 to compensate for the damage. May 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 Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Macy discovers that 150 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 $450 to compensate for the damage. Note: Enter debits before credits. Required information [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. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3 , 000 units at a price of $7 cash per unit (for a total cost of $21,000 ). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650 ). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 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 $450 to compensate for the damage. May 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 Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet