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

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.)