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i need help completeing the journal entry, jm not sure how to solve this Return to questi 1 ! of 2 Required information Use the
i need help completeing the journal entry, jm not sure how to solve this Return to questi 1 ! of 2 Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Alled Merchandisers was organized on May 1 Macy Co is a major customer (buyer) of Aled (seller) products, May3 Allied nade its first and only purchase of inventory for the period on May ) for 2,000 units at a price of $11 cash per unit (for a total cost of $22.000). 5 Allied sold 1,000 of the units in Inventory for $is per unit (Invoice total: $15,000) to Macy Co. under credit terns 2/10, 1/6e. The goods cost Allied $11,000 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,1ee, to its inventory. 8. Macy discovers that 100 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 $700 to compensate for the damage 15 Allied receives payment from Macy for the amount owed on the May 5 purchase: payment is net of returns, allowances, any cash discount. View transaction list of 2 Journal entry worksheet 3 5 7 Allied receives payment from Macy for the amount owed on the May S purchase; payment is net of returns, allowances, and any cash discount. ok Note: Enter debits before credits Date General Journal Debit Credit May 15 Cash Sales discounts Accounts receivable ces Record entry Clear entry View general Journal Required information Use the following information for the Exercises below. The following information applies to the questior displayed below) Allied Merchandisers was organized on May 1. Macy Co, is a major customer (buyer) of Allied (sellet) products. May Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000) 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under Credit terms 2/10, 1/60. The goods cost Allied $11, eee. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,10e, to its inventory. 8 Macy discovers that 100 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 $780 to compensate for the damage. 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. Required information View transaction list 1 of 2 Journal entry worksheet
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