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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

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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 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terma 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750}. Allied restores the unita, which cont $1,250, to its inventory. May 8 Macy discovers that, 200 units are scuffed but are stil1 of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and oredits Macy's account receivable for $300 to compensate for the damago. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment in net of returns, allowances, and any cash discount. Exercise 4-6 (Static) Recording sales, sales returns, and sales allowances LO P2 Journal entry worksheet Allied made Its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). Note: Enter debits before credits

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