newconnect.mheducation.com/flow/connect.html This window shows your responses and what was marked correct and incorrect from your previous attempt ded 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 (seller) products, May 3 Allied made 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 1,500 of the units in inventory for $14 per unit (invoice total: $21,009) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,758). Allied restores the units, which cost $1,250, to its inventory. 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage. 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. Prepare the appropriate journal entries for Macy Co to record each of the May transactions. Macy is a retailer that uses the gross No Date General Journal Debit Credit 16/50 points awarded 1 May 03 X 20,000 Merchandise inventory Cash 20,000 Scored 2 May 05 21,000 21,000 Accounts receivable Sales Cost of goods sold Merchandise inventory 15,000 15.000 3 May 07 1,750 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 1,750 1.250 1,250 4 May 08 Sales returns and allowances Accounts receivable 300 300 Cash 5 May 15 Sales discounts Accounts receivable RICORD 18,571 379 18,950 La He deducted Search for anything o