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.

xercise $4-6($Algo$)$ Recording sales, sales returns, and sales allowances LO P$2$

epare journal entries to record the following transactions for Allied assuming it uses a perpetual invento

id the gross method.

Journal entry worksheet

Record the cost of goods sold.

Note: Enter debits before credits.