Saved HW 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 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 3,000 unito at a price of $8 cash per unit (for a total cost of $24,000). 5 Allied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000). to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $12,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,800). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 units are cutted but are still of use and, therefore, keeps the units. Allied sends Macy & credit memorandum for $600 toward the original invoice amount to compensate for the damage. 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. 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 method. (Allied estimates returns using an adjusting entry at each year-end.) gross View Saved quired information Journal entry worksheet 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). Note: Enter debits before credits Date General Journal May 03 Debit Credit Required information Journal entry worksheet 1 3 4 5 6 7 Allied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, n/60. Note: Enter debits before credits. Date General Journal May 05 Debit Credit Record entry Clear entry View general Journal Prey Ne ! Required information Journal entry worksheet