Question

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 in inventory for $11 per unit (invoice total: $5,500) to Macy Co. under credit terms 2/10, n/60. The goods coat Allied $3,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $550). Allied restores the units, which cost $350, to its inventory. 8 Macy discovers that 50 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 $150 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; paynent is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co. 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.) View transaction list Journal entry worksheet < 1 2 4 Prev 1 of 6 !!! Next >

Answer 1

Date	Account Titles	Debit	Credit
3-May	Inventory	$             7,000
	Accounts Payable		$              7,000
5-May	Accounts Receivable	$             5,500
	Sales Revenue		$              5,500
	Cost of Goods Sold	$             3,500
	Inventory		$              3,500
7-May	Sales returns and allowances	$                550
	Accounts Receivable		$                  550
	Inventory	$                350
	Cost of Goods Sold		$                  350
8-May	Sales returns and allowances	$                150
	Accounts Receivable		$                  150
15-May	Cash	$             4,704
	Sales Discount	$                   96
	Accounts Receivable		$              4,800

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