Required information 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 (selier) products. May 3 Allied
made its tirst and only purchase of inventory for the period on May 3 for 3,000 units at a price of
$10 cash per unit (for a total cost of $30 , 060 ), May 5 Atlied sold 1,500 of the units in inventory
for $14 per unit (invoice totali $21 , 000 ) to Macy Company under credit teras 2/16 , n /60 . The
goods cost Allied $15 , 000 . May 7 Macy returns 150 units because they did not tit the
customer's needs (invoice amount! $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to
its inventory. May 8 Macy discovers that 15 e units are scuffed but are still of use and, therefore,
keeps the units. Allied gives a price reduction (allowance) and credits Hacy's accounts receivabte
for s9e0 to coepensate for the danage. May 15 Allied receives paysent froa Macy for the arount
owed on the May 5 purchase: paysent is net of returns, allowances, and any cash discount,
Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal
entries to record the following transactions for Allied assuming it uses a perpetual inventory
system and the gross method..
ICT role in 21st century education and it's challenges.
Required information Use the following information for the Exercises b (1).pdf
1. Required information 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 (selier) products. May 3 Allied
made its tirst and only purchase of inventory for the period on May 3 for 3,000 units at a price of
$10 cash per unit (for a total cost of $30 , 060 ), May 5 Atlied sold 1,500 of the units in inventory
for $14 per unit (invoice totali $21 , 000 ) to Macy Company under credit teras 2/16 , n /60 . The
goods cost Allied $15 , 000 . May 7 Macy returns 150 units because they did not tit the
customer's needs (invoice amount! $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to
its inventory. May 8 Macy discovers that 15 e units are scuffed but are still of use and, therefore,
keeps the units. Allied gives a price reduction (allowance) and credits Hacy's accounts receivabte
for s9e0 to coepensate for the danage. May 15 Allied receives paysent froa Macy for the arount
owed on the May 5 purchase: paysent is net of returns, allowances, and any cash discount,
Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal
entries to record the following transactions for Allied assuming it uses a perpetual inventory
system and the gross method.
![Required information 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 (selier) products. May 3 Allied
made its tirst and only purchase of inventory for the period on May 3 for 3,000 units at a price of
$10 cash per unit (for a total cost of $30 , 060 ), May 5 Atlied sold 1,500 of the units in inventory
for $14 per unit (invoice totali $21 , 000 ) to Macy Company under credit teras 2/16 , n /60 . The
goods cost Allied $15 , 000 . May 7 Macy returns 150 units because they did not tit the
customer's needs (invoice amount! $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to
its inventory. May 8 Macy discovers that 15 e units are scuffed but are still of use and, therefore,
keeps the units. Allied gives a price reduction (allowance) and credits Hacy's accounts receivabte
for s9e0 to coepensate for the danage. May 15 Allied receives paysent froa Macy for the arount
owed on the May 5 purchase: paysent is net of returns, allowances, and any cash discount,
Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal
entries to record the following transactions for Allied assuming it uses a perpetual inventory
system and the gross method.](https://image.slidesharecdn.com/requiredinformationusethefollowinginformationfortheexercisesb1-230309174438-d9531e18/85/Required-information-Use-the-following-information-for-the-Exercises-b-1-pdf-1-320.jpg)
