please help fix the wrong answers.

part b

[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 Ilrst and only purchase of inventory for the period on May 3 for 1 , 000 units at a price of $7 cash per unit (for a total cost of $7,000 ). May 5. Al1ied sold 500 of the units in inventory for $11 per unit (1nvoice totali $5,500 ) to Macy company under credit terms 2/10,n/60. The goods cost Allied $3,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amounta $550 ). Allied restores the units, which cost, $350, to its inventory. May 8 Macy discovers that 50 units are scuffed but are stil1 of use and, therefore, keeps the units. Al1ied gives a price reduction (allowance) and credits Macy's accounts receivable for \$150 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returna, allowances, and any cash discount. xercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross hethod. ProBullder reports merchandise sales of $58,000 and cost of merchandise sales of $17,400 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 5% of sales, or $2,900, and 5% of cost of sales, or $870. a. \& b. Prepare the June 30 fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales