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super lost on all of the parts, thank you for the help in advance!! 0 Required information The following information applies to the questions displayed

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0 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 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Co. under Credit teras 2/10, 1/60. The goods cost Allied $12,000 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,600). Allied restores the units, which cost $1,200, to its inventory. 8 Macy 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 $800 to compensate for the damage 15 Allied receives payment from Hacy for the amount owed on the May 5 purchase payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co. to record each of the May transactions, Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Allied sold 1,000 of the units in Inventory for $16 per unit (Invoice total: $16,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost $12,000 to Allied Note: Enter debits before credits Data May 05 Credit General Journal Merchandise inventory Cash Debit 24,000 12,000 Record entry Clear entry View general Journal

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