Im not sure why $9,408 is not correct. $9600 is $11,00 minus the two credit to Macy's in accounts payable.

Exercise 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Co. 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.) Part 2 of 2 > Answer is not complete. 3.25 points Debit Credit No 1 Date May 03 General Journal No journal entry required May 05 11,000 Merchandise inventory Accounts payable 11,000 May 07 1,100 Accounts payable Merchandise inventory 1,100 May 08 300 Accounts payable Merchandise inventory 300 May 15 9,600 Accounts payable Merchandise inventory Cash 192 9,408 X