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May 3 Allied made its first and only purchase of inventory for the period on May...

Question:

May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $12 cash per unit (for a total cost of $36,000).
5 Allied sold 1,500 of the units in inventory for $16 per unit (invoice total: $24,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $18,000.
7 Macy returns 150 units because they did not fit the customer’s needs (invoice amount: $2,400). Allied restores the units, which cost $1,800, to its inventory.
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 $1,200 to compensate for the damage.
15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $12 ca

3 4 5 6 7 Allied sold 1,500 of the units in inventory for $16 per unit (invoice total: $24,000) to Macy Co. under credit term

< 1 2 4 5 6 7 Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit May 05

< 1 2 3 4 5 6 7 Macy returns 150 units because they did not fit the customers needs (invoice amount: $2,400). Note: Enter de

< 1 2 3 4 5 6 7 Allied restores the units, which cost $1,800, to its inventory. Note: Enter debits before credits. Date Gener

< 1 2 3 4 5 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a pr

< 1 2 3 4 5 6 7 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allow

2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $12 cash per unit (for a total cost of $36,000). Note: Enter debits before credits. Date General Journal Debit Credit May 03
3 4 5 6 7 Allied sold 1,500 of the units in inventory for $16 per unit (invoice total: $24,000) to Macy Co. under credit terms 2/10, n/60. Note: Enter debits before credits. General Journal Debit Credit Date May 05
< 1 2 4 5 6 7 Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit May 05
< 1 2 3 4 5 6 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,400). Note: Enter debits before credits. Date General Journal Debit Credit May 07
< 1 2 3 4 5 6 7 Allied restores the units, which cost $1,800, to its inventory. Note: Enter debits before credits. Date General Journal Debit Credit May 07
< 1 2 3 4 5 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 $1,200 to compensate for the damage. Note: Enter debits before credits. Date General Journal Debit Credit May 08
< 1 2 3 4 5 6 7 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. Date General Journal Debit Credit May 15

Answers

Answer

Journal entry

Date General Journal Debit Credit

May-03

Merchandise inventory $     36,000
         Cash $     36,000
(To record merchandise)
May-05 Accounts receivable $     24,000
       Sales $     24,000
May-05 Cost of goods sold $     18,000
       Merchandise inventory $     18,000
May-07 Sales returns and allowances $       2,400
       Accounts receivable $       2,400
May-07 Merchandise inventory $       1,800
    Cost of goods sold $       1,800
May-08 Sales returns and allowances $       1,200
       Accounts receivable $       1,200
May-15 Cash $     19,992
Sales discounts $          408 20400*2%
       Accounts receivable $     20,400 (24000-2400-1200)
.

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