Question: please help me solve. below are the journal options Required information [The following information applies to the questions displayed below] Allied Merchandisers was organized on
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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 2.000 units at a price of $9 cash per unit for a total cost of $18,000). 5 Allied sold 1.000 of the units in inventory for $13 per unit (invoice totalt $13,000) Co Macy Co. under credit terms 2/10, n/60. The good cont Allied $9,000. 7 Haay returns 100 units because they did not fit the customer's needs invoice amount: $1,300). Allied restore the units, which cost $900, tot inventory. Macy discovers that 100 units are scurted but are all of use and, therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $800 to compensate for the damage. 15 Allind receives payment from Macy for the amount owed on the May 5 purchase: payment is net of returns, allowances, and any cash discount. Journal entry worksheet
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