how many accounts recieveable

Credit Required information Debit 20,000 General Journal 20,000 Date No 1 May 03 Merchandise Inventory Cash 21,000 21,000 2 May 05 Accounts receivable Sales 15,000 15,000 3 May 05 Cost of goods sold Merchandise inventory 1,750 1,750 4 May 07 int Sales returns and allowances Accounts receivable 1.250 1,250 D Pent 5 May 07 Merchandise inventory Cost of goods sold 300 300 Deferences 6 May 08 Sales returns and allowances Accounts receivable 18,571 379 7 May 15 Cash Sales discounts Accounts receivable Required information [The following information applies to the questions displayed below.) Allied Merchandisers was organized on May t. Macy Company is a major customer (buyer) of Allied (seiler) products, May) Allied made its first and only purchase of inventory for the period on May J for 2,000 units at a price of $10 cash per unit for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice totalt $21,000) to Macy Company under credit tern 2/10, 1/60. The goods cost Allied $15,000. May 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. May Macy discovers that 200 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 $300 to compensate for the damage May 15 Allied receives payment from Maey for the amount oved on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method