Prepare the appropriate journal entries for Macy Co 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 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 $7 cash per unit (for a total cost of $21,000). Note: Enter debits before credits Debit Date May 03 Credit General Journal Merchandise inventory Record entry Clear entry Clear entry View general Journal Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy taller that uses the gross method and a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 5 > Alled sold 1,500 of the units in Inventory for $11 per unit (Invoice total $16,500) to Macy Co, under credit terms 2/10, 1/60. The goods cost $10,500 to Allied Note: Enter debits before credits Date May 05 General Journal Debit Credit Record entry Clear entry View general Journal Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the grass method and a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction to Journal entry worksheet 2 5 Macy retums 150 units because they did not fit the customer's needs (involce amount: $1,650) Allied restores the units, which cost $1,050, to its inventory Note Enter debts before credits Date May 07 General Journal Doble Credit Record entry Clear entry View general Journal Prepare the appropriate journal entries for Macy Co 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction llat Journal entry worksheet 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 $450 to compensate for the damage. Note: Enter debits before credits Data May 08 General Journal Debit Credit Record entry Clear entry View general Journal Prepare the appropriate journal entries for Macy Co to record each of the May transactions. Macy bylor that uses the gross method and a perpetual inventory system. It purchases these units for resale. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction tlat Journal entry worksheet
