Allied: | ||||
Debit | Credit | |||
May 03 | Merchandise inventory | 24000 | ||
Cash | 24000 | |||
May 05 | Accounts receivable | 18000 | ||
Sales | 18000 | |||
May 05 | Cost of goods sold | 12000 | ||
Merchandise inventory | 12000 | |||
May 07 | Sales returns and allowances | 1800 | ||
Accounts receivable | 1800 | |||
May 07 | Merchandise inventory | 1200 | ||
Cost of goods sold | 1200 | |||
May 08 | Sales returns and allowances | 600 | ||
Accounts receivable | 600 | |||
May 15 | Cash | 15288 | ||
Sales discounts | 312 | =15600*2% | ||
Accounts receivable | 15600 |
Part-B
Macy: | ||||
Debit | Credit | |||
May 03 | No journal entry required | |||
May 05 | Merchandise Inventory | 18000 | ||
Accounts Payable | 18000 | |||
May 07 | Accounts Payable | 1800 | ||
Merchandise Inventory | 1800 | |||
May 08 | Accounts Payable | 600 | ||
Merchandise Inventory | 600 | |||
May 15 | Accounts Payable | 15600 | ||
Merchandise Inventory | 312 | =15600*2% | ||
Cash | 15288 |
Part B is the pne with the red text in the question. Thanks ! Required information...
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 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice totali $21,000) to...
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 $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: $21,000) to...
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 $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: $21,000) to...
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 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). 5 Allied sold 1,500 of the units in inventory for $12 per unit invoice total: $18,000) to...
i just need help posting these to journals please! ! 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 1,000 units at a price of $7 cash per unit (for a total cost of $7,000). s Allied sold 500 of the units...
Required information 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 $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Co. under credit terms 2/10, n/60. The goods...
the first part of the question i got correct but i cant get the second part. i tried to fill in the same things from the first part but it was incorrect except for some of the numbers 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...
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 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 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the unit's in inventory...
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 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 1,000 units at a price of $12 cash per unit (for a total cost of $12,000). 5 Allied sold 500 of the units in inventory...
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 $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,see of the units in inventory for $14 per unit (invoice total: 321,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15, 000. 7...