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5 Problems Saved ! 2 Required information [The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Alled (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2, eee units at a price of Sie cash per unit (for a total cost of $20,000). 5 Allied sold 1,5ee of the units in inventory for $14 per unit (invoice total: $21,00e) to Macy Co. under credit terms 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 anount: $1,750). Allied restores the units, which cost $1,250, to its inventory. B Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $300 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. ences Prepare Journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet > 4 2 3 5 6 7 1 ormation of 2 View transaction list Journal entry worksheet 1 2 3 4 5 6 7 -Book 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). Hint Print ferences Debit Credit Note: Enter debits before credits Accounts payable Date Accounts receivable May 03 Accumulated depreciation Additional paid-in capital Bond premium Ronds navable Record entry Clear entry View general journal Me G 1.11 2 Required information Part 1 of 2 View transaction list Journal entry worksheet 16.66 points Type here to search View transaction list 1 of 2 Journal entry worksheet 6 ts 2 . Required information Part 1 of 2 View transaction list 16.66 points Journal entry worksheet Saved 2 F BE Required information Part 1 of 2 View transaction list Journal entry worksheet 16.66 points