Question: Exercise 5 - 8 ( Algo ) Recording purchases, purchases returns, and purchases allowances LO P 1 Prepare the appropriate journal entries for Macy Company

Exercise 5-8(Algo) Recording purchases, purchases returns, and purchases allowances LO P1
Prepare the appropriate journal entries for Macy Company 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.

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