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please help me. Thanksss Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Allied Merchandisers
please help me. Thanksss
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 ite firat and only purchase of investory for the period on Kay 3 for 3,000 unita at a price of $8 cash per unit (for a total cost of $24,000 ). Hay 5 Allied sold 1,500 of the units in inventory for $12 per unit (involco totali $13,000 ) to Macy Company under credit term 2/10,n/60. The goods cost Allied$12,000. May 7 Macy returns 150 -units because they did not fit the customer's needs (involce amount: $1,800). Allifed restores the units, which cost $1,200, to its inventory. May 8 Macy discovera that 150 units aro scaffed but aro still of use and, therefore, keeps the units. Alifed gives a price reduction (allowance) and credits macy' s accounts recelvable for $600 to conpensate for the damage. the danage. Nay 15 Allied receives payment from Macy for the anount owed on the May 5 purchase; payment is net of returas, allowances, and any cash discount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 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 Step by Step Solution
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