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Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized1 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 uni4 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduct

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Answer #1

Journal entries

Date General Journal Debit Credit
May 3 No Journal entry
May 5 Merchandise inventory 21000
Account payable 21000
May 7 Account payable 1750
Merchandise inventory 1750
May 8 Account payable 300
Merchandise inventory 300
May 15 Account payable (21000-2050) 18950
Cash (18950*98%) 18571
Merchandise inventory 379
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