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need help filling in blank (debit and credit) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (sellen
need help filling in blank (debit and credit) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (sellen products. May 3attied pade its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of 59 cash per unit (for o total cost of $9,0e0 ). 5 Allied sold 508 of the units in inventory for $13 per unst (Involce total: 56,500 ) to Macy Co. under credit terns 2/10,n60. The goods cost Altied $4,500. 7 Whey returns 50 inits because they did not fit the custoser's needs (invoice amount: 5650 ). Altied restores the units, Which cost $450, to its inventory. 8 Macy discovers that 50 units are scuffed but are stili of use and, therefore, keeps the units. Altied 9ives a price reduction (allowance) and credits Macy's accounts recelvable for $250 to conpensate for the danage. the danage. 15 Atlied receives payment from Macy for the anount owed on the May 5 purchase; payment is net of returns, attowances, and any cash discount. Exercise 5.5 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entrics for Macy Co. 10 record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet (1.) (2) (3) 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
need help filling in blank (debit and credit)
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