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please help thank you I Required information The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co.
please help thank you I Required information The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (sellet) products May Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of 55 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, 1/60. The goods cost Allied $12,000. 7 Macy returns 150 units because they did not fit the customer's needs (Anvoice amount: $1,500). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 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 3600 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May purchase (waynent is within the discount period). Prepare the appropriate journal entries for Macy Co to record each of the May transactions Macy uses a perpetual inventory system (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
please help thank you
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