Required information [The following information applies to the questions displayed below! 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 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000) 5 Allied sold 1,000 of the units in Inventory for $15 per unit (invoice totalt $15,000 to Macy Counder credit teras 2/10, 1/69. 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 Mary 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 $700 to compensate for the dange 15 Allied receives payment from Hacy 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 View transaction is Journal entry worksheet 1 2 3 Prepare Journal entries to record the following transactions for Allled assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual Inventory system and the gross method View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the cost of goods sold. The goods cost Allied $11,000 Note: Enter debits before credits General Joumal Debit Credit Date May 05 Record entry Clear entry View general Journal Pray Next > Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet 2 3 4 5 6 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500), Not: Enter debits before credits General Journal Debit Credit Date May 07 Record entry Clear entry View general Journal Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction ist Journal entry worksheet 1 2 3 4 5 6 7 ence Allied restores the units, which cost $1,100, to its inventory Note: Enter debits before credits General Journal Debit Credit Date May 07 Racord entry Clear entry View general journal Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet Prepare journal entries to record the following transactions for Allled assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet 4 3 5 6 7 2
