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Required information [ The following information applies to the questions displayed below. ] Allied Merchandisers was organized on May 1 . Macy Company is a
Required information The following information applies to the questions displayed below. Allied Merchandisers was organized on May Macy Company is a major customer buyer of Allied seller products. May Altied made its first and only purchase of inventory for the period on May for units at a price of $ cash per unit for a total cost of $ May Allied sold of the units in inventory for $ per unit invoice total: $ to Macy Company under credit terms The goods cost Allied $ May Macy returns units because they did not fit the customer's needs invoice amount: $ Allied restores the units, which cost $ to its inventory. May Macy discovers that 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 $ to compensate for the damage. May Allied receives payment from Macy for the amount owed on the May 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. tableNoDate,General Journal,Debit,CreditMay Merchandise inventory,Cash,,
Required information
The following information applies to the questions displayed below.
Allied Merchandisers was organized on May Macy Company is a major customer buyer of Allied seller products.
May Altied made its first and only purchase of inventory for the period on May for units at a price of $ cash per unit for a total cost of $
May Allied sold of the units in inventory for $ per unit invoice total: $ to Macy Company under credit terms The goods cost Allied $
May Macy returns units because they did not fit the customer's needs invoice amount: $ Allied restores the units, which cost $ to its inventory.
May Macy discovers that 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 $ to compensate for the damage.
May Allied receives payment from Macy for the amount owed on the May 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.
tableNoDate,General Journal,Debit,CreditMay Merchandise inventory,Cash,,
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