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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Aled Merchandisers was organized on May 1 Macy Company is a major customer (buyer) of Allied (seller 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) May 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Company under credit terns 3/10, 1/60. The goods cost Allied $11,000 May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. May 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. May 15 Allied receives payment from Macy for the amount owed on the May S purchase; payment is net of returns allowances, and any cash discount. Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2 Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, identify the accounts and amounts (including or -) for each transaction Ise 4-7 (Algo) Effects of sales transactions on income statement LO P2 above formations, analyze each transaction by indicatings offects on the income statement sectically. Identity the is and amounts including or for each transaction May Ameri May Mer 13 Am cons tumance Pods sold wote Required information Use the following information for the Exercises below. [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 peciod on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000). Play 5 Allied sold 1,000 of the units in Inventory for $15 per unit (invoice total: $15,000) to Macy Company under credit teres 2/10, 160. The goods cost Allied $11,000. Hay 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. May 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 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. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 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.) gross method and a perpetual inventory system, it purchases these units for resale. (I no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction fist Journal entry worksheet 1 2 3 4 5 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), Note Enter debts before credits General Journal Debit Credit Date May 03 Record entry Clear entry LE View transaction list Journal entry worksheet Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Company under credit terms 2/10, 1/60. The goods cost $11,000 to Alled. Note: Enter debits before credits Date General Journal Debit Credit May 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. Note: Enter debits before credits Date General Journal Debit Credit May 07 Record entry Clear entry View general journal View transaction list Journal entry worksheet 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. Note: Enter debits before credits General Journal Debit Credit May 08 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits. General Journal Debit Credit Date May 15 es Record entry Clear entry View general journal