only need to know what the cash, sales discount, and account recieveable is for may 15

Part 1 of 2 33.33 points 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 nade its first and only purchase of inventory for the period on May 3 for 2,800 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 terms 2/10, 1/60. 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 stilt 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 paynent from Macy for the anount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. References Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method View transaction list View journal entry worksheet Date General Journal Credit No 1 Debit 20,000 May 03 Merchandise inventory Cash 20.000 2 May 05 14,000 Accounts receivable Sales 14.000 MC Hik Proy 1 2 of 3 !!! Next > 1 Required information No General Journal Debit Credit Date May 03 Part 1 of 2 1 20,000 Merchandise inventory Cash 20,000 33.33 points 2 May 05 14,000 Accounts receivable Sales 14,000 3 May 05 10,000 Cost of goods sold Merchandise inventory 10,000 4. May 07 1,400 Sales retums and allowances Accounts receivable 1400 5 May 07 1.000 Merchandise inventory Cost of goods sold 1.000 6 May 08 600 Sales returns and allowances Accounts receivable 600 7 May 15 Cash Sales discounts Accounts receivable po