Required information Use the following information for the Exercises below. [The following
information appiles 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
nade its first and only purchase of inventory for the period on May 3 for 3,0ee units at a price of
$10 cash per unit (for a total cost of $30 , 000 ). May 5 Allied sold 1,500 of the units in inventory
for $14 per unit (invofce total: $21 , 000 ) to Macy Conpany under credit terns 2/10 , n /60 . The
goods cost Allied $15 , 600 . May 7 Macy returns 150 units because they did not fit the
custoner's needs (invoice asount: $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to its
inventory. May 8 Macy discovers that 150 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 596 e to compensate for the danage. May 15 Altied receives payment fron Macy
for the anount oned on the May 5 purchase: payment is net of returns, allowances, and any cash
discount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances
LO P1 Prepare the appropriate joumal 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. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field.).
Unit 3 Emotional Intelligence and Spiritual Intelligence.pdf
Required information Use the following information for the Exercises b (4).pdf
1. Required information Use the following information for the Exercises below. [The following
information appiles 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
nade its first and only purchase of inventory for the period on May 3 for 3,0ee units at a price of
$10 cash per unit (for a total cost of $30 , 000 ). May 5 Allied sold 1,500 of the units in inventory
for $14 per unit (invofce total: $21 , 000 ) to Macy Conpany under credit terns 2/10 , n /60 . The
goods cost Allied $15 , 600 . May 7 Macy returns 150 units because they did not fit the
custoner's needs (invoice asount: $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to its
inventory. May 8 Macy discovers that 150 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 596 e to compensate for the danage. May 15 Altied receives payment fron Macy
for the anount oned on the May 5 purchase: payment is net of returns, allowances, and any cash
discount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances
LO P1 Prepare the appropriate joumal 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. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)
![Required information Use the following information for the Exercises below. [The following
information appiles 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
nade its first and only purchase of inventory for the period on May 3 for 3,0ee units at a price of
$10 cash per unit (for a total cost of $30 , 000 ). May 5 Allied sold 1,500 of the units in inventory
for $14 per unit (invofce total: $21 , 000 ) to Macy Conpany under credit terns 2/10 , n /60 . The
goods cost Allied $15 , 600 . May 7 Macy returns 150 units because they did not fit the
custoner's needs (invoice asount: $2 , 100 ) . Allied restores the units, which cost $1 , 500 , to its
inventory. May 8 Macy discovers that 150 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 596 e to compensate for the danage. May 15 Altied receives payment fron Macy
for the anount oned on the May 5 purchase: payment is net of returns, allowances, and any cash
discount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances
LO P1 Prepare the appropriate joumal 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. (If no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)](https://image.slidesharecdn.com/requiredinformationusethefollowinginformationfortheexercisesb4-230309174437-bee71f15/85/Required-information-Use-the-following-information-for-the-Exercises-b-4-pdf-1-320.jpg)
