i cant figure out the last journal entry on how to calculate

Required information 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 price of $10 cash per unit (for a total cost of $20,000) 5 Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,000) to Macy under credit terms 2/10, n/60. The goods cost Allied $10,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,40 Allied restores the units, which cost $1,000, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the unie Allied sends Macy a credit memorandum for $600 toward the original invoice amount to compensate f the damage 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net returns, allowances, and any cash discount Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gros method. (Allied estimates returns using an adjusting entry at each year end.) Prev Next > hulu acer o c ONI 0 A * # 3 $ 4 % 5 & 7 6 8 9 0 t u 0 i e y meck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate ce Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) Answer is not complete. No General Journal Debit Credit Date May 03 1 20,000 Merchandise inventory Cash 20,000 2 May 05 14.000 Accounts receivable Sales 14,000 O 3 May 05 10,000 Cost of goods sold Merchandise vertory 10.000 O May 07 1.400 Sales and onces Accounts receivable 1.000 Pre 12 of 8 Next > acer C DIL O 1 A $ 4 % 5 * 00 7 9 0 6 3 u 0 y e Required information Sales 14,00 3 May 05 10,000 Cost of goods sold Merchandise inventory 10,000 4 May 07 1.400 Sales returns and allowances Accounts receivable 1,400 600 6 May 08 Sales retums and allowances Accounts receivable 600 7 May 15 Cash Sales discounts Accounts receivable PIE 12 of 8 !!! Next > hulu acer a c $ % & 7 8