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just missing the answers for accounts payable, cash, and merchandise inventory for may 15 Required information [The following information applies to the questions displayed below)

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image text in transcribed just missing the answers for accounts payable, cash, and merchandise inventory for may 15
Required information [The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seler) products. Part 2 of 2 33.34 points May 3 Allied nade its first and only purchase of inventory for the period on May 3 for 2,000 units at a 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 Co. under credit terns 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 anount: $1,400). 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 units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase: paynent is net of returns, allowances, and any cash discount. Book References 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.) View transaction list View journal entry worksheet Debit Credit General Journal No Date 2 1 May 03 No joumal entry required 14000 2. May 05 Merchandise inventory Accounts payable 14,000 1400 May 07 Accounts payable ME G Hill 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. 33 34 points No General Journal Deb Credit Date May 03 1 No joumal entry required o 2 May 05 14,000 Merchandise inventory Accounts payable OO 14,000 3 May 07 1,400 Accounts payable Merchandise inventory 1400 O May 08 500 Accounts payable Merchandisinventory 800 5 May 15 Accounts payable Cash Merchandise inventory

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