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G net ince Google Sex Secure https//newconnect mheducation.com/flow/connect.htm 4 Exercises 6 Help 9 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 Alied (seller) products May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,ee8 units at a price of s1e t 2 of 2 5 Allied sold 1,580 of the units in inventory for $14 per unit (invaice total: $21,989) ta Hacy co. under credit 7 Macy returns 125 units because they did not fit the custonen\'s needs (invoice anount: $1,758). Ailied restores 8 Macy discovers thet 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sands cash per unit (for a total cost of $z8,eee) terns 2/ie, n/68. The goods cost Allied $15,8e0 the units, which cost $1,258, to its inventory Macy a credit menorandun for $380 toward the original inveice anount to compensate for the damage allowances, and any cash discount Book 15 Allied receives payment fron Hacy for the srount owed on the May 5 purchase; paynent is net of returns, Exercise 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 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 Allied made its first and only purchase of inventory for the period on May 3 for to search

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Journal Entry Date General journal Debit Credit May-03 Inventory $20,000.00 Account Payable $20,000.00 ( TO Record Purchase of Inventory) May-05 Account Receivable $21,000.00 Sales (1500X $14) $21,000.00 ( TO Record Sales) May-05 Cost of Goods Sold $15,000.00 Inventory $15,000.00 ( TO Record cost of Goods Sold) May-07 Sales Return & Allowance $1,750.00 Accoutn Receivable $1,750.00 To Record Goods Returned May-07 Inventory $1,250.00 Cost of Goods Sold $1,250.00 ToRecord goods returned May-08 Sales return & Allowance $300.00 Account Receivable $300.00 To Record Credit Memo May-15 Cash $18,571.00 Cost of Goods Sold $379.00 Account Receivable $18,950.00 TO Record Payment Received