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Please help me fill out these journal entries Required information Use the following information for the Exercises below. [The following information applies to the questions
Please help me fill out these journal entries Required information Use the following information for the Exercises below. [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 1tB first and only purchase of Inventory for the period on May 3 for 3,000 unita at a price of $9 cash per unit (for a total cost of $27,000 ). Nay 5 Allied sold, 1,500 of the units in inventory for $13 per unit (invoice total: $19,500 ) to Macy Campany under credit terms 2/10,n/60. The goods cost Allied $13,500. May 7 Macy returns 150 units because they did not fit the eustomer's needs (invoice amount: $1,950 ). Alifed restores the units, which cost $1,350, to its inventory. May 8 Macy discovers that 150 units are scuffed but are stili of use and, theretore, keeps the units. Aliled gives a price reduction (allowance) and eredits Macy's accounts receivable for $750 to compensate for the danage. May 15 Allied recelves payment from Macy for the amount owed on the May 5 purchase; payment in net of returns, allowances, and any cash discount. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per unit (for a total cost of $27,000 ). Note: Enter debits before credits
Please help me fill out these journal entries
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