Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Company 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 1,000 units at a price of 511 cash per unit (for a total cost of $11,080). May 5 Allied sold 580 of the units in inventory for $15 per unit (invoice total: 57,500) to Macy Company under credit terms 2/18, 1/60. The goods cost Allied 55,500. May 7 Macy returns se units because they did not fit the customer's needs (invoice amount: $758). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that se units are scuffed but are still of use and, therefore, keeps the units. Allied cives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount: 04 Ex 4-6, 7, 8 i Saved 1 Required information Journal entry worksheet t 1 of 3 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Note: Enter debits before credits. General Journal Date May 07 Debit Credit Record entry Clear entry View general journal to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fims.mheducation. 76,7,8 6 Saved Required information Journal entry worksheet Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. Note: Enter debits before credits. Debit Credit Date General Journal May 07 Record entry Clear entry View general Journal ! Required information Journal entry worksheet Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Note: Enter debits before credits. General Journal Date May 07 Debit Credit Record entry Clear entry View general journal to.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fims.mheducation. 76,7,8 6 Saved Required information Journal entry worksheet Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. Note: Enter debits before credits. Debit Credit Date General Journal May 07 Record entry Clear entry View general Journal ! Required information Journal entry worksheet
