Help Save & Exit Submit Check my work 0 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. kay 3 Allied nade its tirst and only purchase ot inventory for the period on May 3 for 2,000 units at 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. 7 Macy returns 125 units because they di 8 Macy dis under eredit terms 2/10, n/60. The goods cost Allied $15,000 restores the units, which cost $1,250, to its inventory bends Macy a eredit memorandum for $300 tovard the original invoice anount to compensate for the e t needa (invoice amount: $1,750). Allied scovers that 200 units are scutfed but are still of use and, therefore, keepa the units. Allied not fit the custoner' damage S Aed receives Paynent troa Hacy for the amount owed on the May 5 purehasei payent s net of returns, allovances, and any cash discount Prepare journal entries to record the following transactions for Alied assuming it uses a perpetual Inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) View t Journal entry worksheet 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). of 7 Next Prev MacBook Pro