newconnectariheducation.com/flow/connect.html CHECK MY WORK MODE Thls shows wh Is correct or incorrect for the work you have completed r Required information Use the following information for the Exercises below IThe 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 2,000 units at a price of $10 cash per unit (for a total cost of $20,000) 5 Allied sold 1,500 of the units in inventory for $14 per unit invoice total S21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000 (invoice 7 Macy returns 125 units because they did not fit the customer's needs amount: $1,750) Allied restores the units, which cost $1,250, to its inventory 8 Macy discovers that 200 units are scuffed but are still of use and, therefore keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage on the May 5 purchase: 15 Allied receives payment from Macy for the amount owed payment is net of returns, allowances, and any cash discount Exercise 5-5 Recording purchases, purchases returns, and purchases allowances Lo P1 Prepare the appropriate journal entries for Macy to record each of the May transactions. Macy is a retailer that uses sele method and perpetual inventory system. and purchases these units for resale. no entry ls required for a transactlonlevent, (lf a "No Journal entry required" In the first account fleld.)