Use the following information for the Exercises below. [The foliowing information applies to the questions displayed below] Alied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products May 3 Allied nade its first and only purchase of inventory for the period on May 3 for 2,0e0 units at a price of s1e cash per unit (for a total cost of $20,6e). May 5 Allied sold 1,500 of the units in inventory fon $14 per unit (imoice total $21,ee0) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (invoice amount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 260 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allonance) and credits Macy's accounts receivable for $300 to conpensate for the damage. May 15 Allied receives paynent fron Macy for the anount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. ixercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 repare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the ross method and a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet Allied sold 1,500 of the units in inventory for $14 per unit (involce total: $21,000 ) to Macy Co, under credit terms 2/10, N 600 . The goods cost $15,000 to Allied. Botes: Enter dehits before credits. 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, e9e units at a price of $1e 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 Conpany under credit terms 2/16,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoner's needs (invoice anount: $1,750 ). Allied restores the units, ihich cost $1,250, to its inventory. May 8 Macy discovers that 200 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 $300 to conpensate for the damage. May 15 Allied receives paynent from Macy for the amount oned on the May 5 purchase; paysent is net of returns, allowances, and any cash discount. Exercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entnes for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) Journal entry worksheet Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750 ). Alled restores the units, which cost $1,250, to its inventory. Fugte limer irbets before tresus. 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 2,09 units at a price of s1e 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 terns 2/10,n/60. The goods cost Al1ied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: \$1,750). Allied restores the units, wich cost $1,250, to its inventory. May 8 Macy discovers that 200 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 $300 to coapensate for the damage. May 15 Allied receives paynent froa Macy for the amount oved on the May 5 purchase; payment is net of returns, aHlounces, and any cash discount. Exercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retaller that uses the gross method and a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 11 5 Macy discovers that 200 units are sculfed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. Notr roter debits before credits. Use the following information for the Exercises below. The following information applies to the questions displayed below Alied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (5eller) products Myy 3 Allied made its first and only purchase of inventory for the period on May 3 for 2, e09 units at a price of 310 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 terns 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 units, which cost $1,250, to its inventory. My 8 Macy discovers that 200 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 $300 to conpensate for the damoge. May 15 Allied receives payeent froe Macy for the anount oved on the May 5 purchase; paynent is net of returns, allowances, and any cash discount. Exercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate joumal entries for Macy Company to record each of the May transactions Macy is a retailer that uses the gross method ond a perpetual inventory system, it purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet (1) 234 Allied recelves payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. foce: finter debitu before brediti