Journal entry worksheet Allied restores the units, which cost $900, to its inventory. Note: Enter debits before credits. Journal entry worksheet Allied sold 1,000 of the units in inventory for $13 per unit (invoice total: $13,000) to Macy Company under credit terms 2/10,n/60. Note: Enter debits before credits. Journal entry worksheet Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300 ). Note: Enter debits before credits. 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 $500 to compensate for the damage. Note: Enter debits before credits. Required information The following intormation applies to the questions displayed below] Alied 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 perfed on May 3 for 2 , 00 e units et a price of $9 cash per unit (for a total cost of $18,000 ). May 5. Allied sold 1,000 of the units in inveatory for $13 per unit (Involce total: \$13, eee) to Macy Company under sredit terms 2/10, nice. The goods cost Alilied $s,000. May 7 Macy returns 109 inits because they did not fit the custoner's needs (invoice anount: $1,300 ). Allied restores the units, which cost $300, to its inventory. Moy 8Macy discovers that 100 unfits ore scuffed but are still of use and, therefore, keeps the units, Allied gives a price reduction (ollowance) and credits Hacy's accounts recelvable for $500 to conpensate for the damage. Hay 15 Aliled receives paynent fron Macy for the abount owed on the May 5 purchase; payment is net of returns, allowances, and any cosh discount. epare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross ethod. Journal entry worksheet 234567 Allied made its first and lonly purchase of inventory for the period on May 3 for 2,000 units at a price of $9 pash per unit (for a total cost of $18,000 ). Note: Inter debits before cresta. Journal entry worksheet 4 Record the cost of goods sold. Note: Enter debits before credits. Journal entry worksheet 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