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[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products: Nay 3 Allied made its first and anly purchase of inventory for the period on May 3 for 2, odo units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: 521,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the custoeer's needs (invoice amount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. Kay 8 Nacy discovers that. 200 units are scuffed but are still of use and, therefare, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts. receivable for 3300 to compensate for the danage. May 15 Allied receives paynent from Macy for the amount owed on the May 5 purchsse: payment is net of returns, allowances, and any cash discount. Journal entry worksheet Allied sold 1,500 of the units in inventory for $14 per unit (invrice total: $21,000 ) to Macy Co. under credit terms 2/10,n/60. The goous cost $15,000 to Allied. Note: Enter debits before credits. Journal entry worksheet 1 5 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. Note: Enter debits before credits. Journal entry worksheet 1 Macy discovers that 200 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 $300 to compensate for the damage. Note: Enter debits before credits. Journal entry worksheet 1 3 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits. Use the following information for the Exercises below. (The following information applies to the questions displayed below. Allied Merchandisers was organized on May 1. Macy Company 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 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000 ) to Macy Conpany under credit terms 2/10,n/60. The goods cost Al1ied $15,000. May 7 Macy returns 125 units because they did not fit the customer's noeds (invoice anount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 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 5300 to coepensate for the damage. May 15 Allied receives payment from Nacy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Journal entry worksheet Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000 ) to Macy Co. under credit terms 2/10,n/60. The goods cost $15,000 to Allied. Note: Enter debits before credits. Journal entry worksheet 4 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750 ). Allied restores the units, which cost $1,250, to its inventory. Note: Enter debits before credits. Journal entry worksheet Macy discovers that 200 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 $300 to compensate for the damage. Note: Enter debits before credits. Journal entry worksheet 3 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits