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Required information Use the following information for the Exercises below. [The following information applies to the questio

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Journal Entries - Allied Merchandisers
Event Particulars Debit Credit
3-May Inventory Dr $11,000.00
       To Accounts payable $11,000.00
(To record inventory purchase)
5-May Accounts receivables - Macy Dr $7,500.00
       To Sales revenue $7,500.00
(To record sales on account)
5-May Cost of goods sold Dr $5,500.00
       To Merchandise Inventory $5,500.00
(To record cost of goods sold)
7-May Sales returns and allowances Dr $750.00
       To Accounts receivables - Macy $750.00
(To record sales return)
7-May Merchandise inventory Dr $550.00
       To Cost of goods sold $550.00
(Being goods returned taken into inventory)
8-May Sales returns and allowances Dr $350.00
       To Accounts receivables - Macy $350.00
(Being allowance given to customer)
15-May Cash Dr $6,272.00
Sales discount Dr $128.00
       To Accounts receivables - Macy $6,400.00
(To record collection from customer)
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