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please answer clearly. thanks in advance. Alled Merchandisers was organized on May 1. Macy Co is a major customer (buyer) of Allied (seller products. May
please answer clearly. thanks in advance. Alled 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 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, n/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 158 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 $6ee 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 journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View transaction fist Journal entry worksheet 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). Note: Enter debit before credit Dobil Credit Date General Journal May 03 Verwal Clementy Record entry Neal 13 14 ch 6 7
please answer clearly. thanks in advance.
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