please make the journal
entries thank you
[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 $8 cash per unit (for a total cost of $16,000 ). Nay 5 Nllied sold 1,000 of the units in inventory for $12 per unit (invoice total: $12,000 ) to Nacy company under credit teras 2/10,n/60. The goods cost Aliled$8,000. May 7 Macy returns 100 units because they did not f it the customer's needs (invoice amount: $1,200 ). Allied restores the units, whieh cost $800, 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 (allowance) and eredits Nacy's accounts receivable for $400 to compensate for the damage. May 15 Allied receiven payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any eash discount. repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. 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 $8 cash per unit (for a total cost of $16,000 ). Allied sold 1,000 of the units in inventory for $12 per unit (invoice total: $12,000 ) to Macy Company under credit terms 2/10,n/60. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,200 ). Note: Enter debits before credits. Journal entry worksheet Allied restores the units, which cost $800, to its inventory. Note: Enter debits before credits. Macy discovers that 100 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 $400 to compensate for the damage. Note: Enter debits before credits. Allied recelves payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits
