4 Quiz G Saved Help Save Exit Submit Check my work 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 Allied (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 $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1, eee of the units in inventory for $14 per unit (invoice total: $14, eee) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $10,000. 7 Macy returns lee units because they did not fit the customer's needs (invoice amount: $1,400). Allied restores the units, which cost $1,eee, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 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. es 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; it purchases these units for resale. (If no entry is required for a transaction/event, select bx BUS 119 Fall 202.docx CH RE ON co search DLL