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Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (sellen products, May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of 58 cash per unit (for a total cost of $24,000). 5 Allied sold 1,500 of the units in Inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $12,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,800). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 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; payment is net of returns, allowances, and any cash discount. Prepare the appropriate joumal 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, sele "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of 38 cash per unit (for a total cost of 324,000) Note tar debits before credit General Joumal Debit Date Credit May 03 Oracle PeopleSoft S... NICU Blackboard U. 2. Cap Seved led Merchandisers was organized on May 1 Macy Co is a major customer (buyer) of Allied selle products. May 9 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units of price of 58 cash per unit (for total cost of $24,000) 5 Allied sold 1,500 of the units in Inventory for $12 per unit invoice totalt $18,000) to Macy Co.under Credit terms 2/10, n/60. The goods cost Allied $12,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice sunt $1,000). Allied restores the units, which cost $1,200, to its inventory 8 Macy discovers that 150 units are scuffed but are still of use and therefore, keeps the units. Allied gives 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 wt on the May 5 purchase payment is net of returns allowances, and any cash discount. are the appropriate journal entites for Macy Co, to record each of the May transactions. Macy is a retailer that uses the gross hod and a perpetual inventory system; it purchases these units for resale (if no entry is required for a transaction/event, select Journal entry required in the first account field) View transactions Journal entry worksheet >
