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Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Co

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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 method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/e "No journal entry required" in the first account field.)
Check my work 2 Required information Use the following information for the Exercises below. [The following information applies to the questions displaydd below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 2 of 2 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 $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1.500 of the units in inventory for $14 per unit invoice total: $21,000 to Macy Co. under credit terus 2/10. n/60. The goods cost Allied $15,000 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1.750). Allied restore the units, which cost $1.250, to its inventory 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 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. Book Hint rences 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.)