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Journal entry worksheet 12345 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits. 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 $8cash per unit (for a total cost of $16,000 ). May 5 Allied sold 1,000 of the units in inventory for $12 per unit (invoice total: $12,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $8,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: \$1,200). Allied restores the units, which cost $800, to its inventory. May 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 $400 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. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Drepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross nethod. Returr Answer is not complete. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline \multirow{2}{*}{1} & May 03 & Merchandise inventory & & 16,000 & \\ \hline & & Accounts payable & & & 16,000 \\ \hline \multirow[t]{2}{*}{2} & May 05 & Accounts receivable & 2 & 12,000 & \\ \hline & & Sales & & & 12,000 \\ \hline \multirow[t]{2}{*}{3} & May 05 & Cost of goods sold & & 8,000 & \\ \hline & & Merchandise inventory & & & 8,000 \\ \hline \multirow[t]{2}{*}{4} & May 07 & Sales returns and allowances & & 1,200 & \\ \hline & & Accounts receivable & & & 1,200 \\ \hline \multirow[t]{2}{*}{5} & May 07 & Merchandise inventory & & 800 & \\ \hline & & Cost of goods sold & & & 800 \\ \hline \multirow[t]{2}{*}{6} & May 08 & Sales returns and allowances & & 400 & \\ \hline & & Accounts receivable & & & 400 \\ \hline \multirow[t]{3}{*}{7} & May 15 & Cash & & 10,192 & \\ \hline & & Sales & x & & 10,400 \\ \hline & & Accounts receivable & 2 & & 208 \\ \hline \end{tabular}