record the entries

Allied Merchandisers was organized on May 1. Macy Co. 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 2,800 units at a price of $11 cash per unit (for a total cost of $22,000). 5 Allied sold 1,800 of the units in Inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $11,000. 7 Macy returns 100 units because they did not fit the customer's needs invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and therefore, keeps the units. Allied sends Macy a credit memorandum for $700 toward the original invoice sunt to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the My 5 purchase payment is net of returns, allowances, and any cash discount. units to its inuenot fit the 5 from me toward the but are still s needs (ny Exercise 4-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year end. View transaction list View journal entry worksheet No Debit Credit Date May 03 General Journal No Transaction Recorded May 05 No Transaction Recorded WN - May 05 No Transaction Recorded May 07 No Transaction Recorded May 07 No Transaction Recorded May 08 No Transaction Recorded 7 May 15 No Transaction Recorded