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Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company 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 $12 cash per unit (for a total cost of $24,000 ). May 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $12,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,600 ). Allied restores the units, wich cost $1,200, to its inventory. May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (altowance) and credits Macy's accounts receivable for $800 to compensate for the damage. May 15 Altied recelves payment from Macy for the anount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare joumal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet 234567 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000 ). Note: Enter debits before credits. May 3 Altied made its first and on ly purchase of inventory for the period on May 3 for 2, units at a price of $12 cash per unit (for a total cost of $24,00 ). May 5 Atlied sold 1,000 of the units in inventory for $16 per init (invoice total: $16,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $12,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice anount: $1,600 ). Altied restores the units, which cost $1,200, to its inventory. May 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Altied gives a price reduction (atlowance) and credits Macy's accounts receivable for $800 to compensate for the damage. May 15 Altied 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 Company 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet \begin{tabular}{l|l} 2 & 5 \end{tabular} Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000 ). Note: Finter debits before credits
