puesto de Procong Enable Exam 2 Chapters 3, 4,50 4. SU Required information The woman lies to the questions displayed below Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May Allied made firat and only purchase of Inventory for the period on May 3 for 1,000 units at a proof cash par unit (for a total cost of $8,000). My ste male 500 of the units in inventory for $12 per unat (invoice total: $6,000) to Macy Company under credit carte 3/10, 1/60. The goods cont Allied $4,000. May 7 y returns 50 units because they did not fit the customer's needa (invoice amount: $600). Allied restore the units, which cost $400, to its saventory. May my alcovers that 50 unita are suffed but are still of use and, therefore, keeps the units. Allied giver a pele reduction failevance) and credit Macy's accounts receivable for $200 to compensate for the damage ay 18 Atiled rontve paynent fran Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View con la Journal entry worksheet 5 6 7 1 2 3 Alled made its first and only purchase of Inventory for the period on May 3 for 1,000 units at a price of $8 cash per unit (for a total cost of $8,000). 1 - 4 Prepare journal method 1.40 View transaction is Journal entry worksheet 5 6 7 4 2 3 Journal entry worksheet 4 5 6 7 3 2 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Co. under credit terms 2/10, n/60. Note: Enter debits before credits Debit Credit General Journal Date May 05 View general Journal Record entry Clear entry 01:37.36 View transaction list > Journal entry worksheet 6 7 5 2 3 1 Record the cost of goods sold. Note: Enter debits before credits. Debit Credit General Journal Date May 05 Record entry Clear entry View general Journal Bo G View transaction is 7 Journal entry worksheet 6 4 3 ho 2 Macy returns 50 units because they did not fit the customer's needs (Invoice amount: $600). Note: Enter debits before credits Debit Credit General Journal Date May 07 Record entry Clear entry View general journal 07:34 View transaction list > 7 Journal entry worksheet 5 4 . 3 2 Allied resteves the units, which cost $400, to its inventory. Note: Enter debits before credits. Debit Credit General Journal Date May 07 View general Journal Record entry Clear entry 01:33 View transaction for > 7 Journal entry worksheet 5 4 6 01 3 1 2 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Aled gives a price reduction (allowance) and credits Macy's accounts receivable for $200 to compensate for the damage. Debit Credit Note: Enter debuts before credits General Journal Date May 08 els Record entry Clear entry View general journal method 01732 View transactions Journal entry worksheet 5 6 4 3
