Refer to Exercise 4-6 and prepare journal entries for Macy Co. to record each of the May

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Refer to Exercise 4-6 and prepare 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; it purchases these units for resale.

Data from Exercise 4-6

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method.

May 3 5 7 8 15 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units

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