Business, 07.06.2020 05:01, ineedhelp773
Allied made its first and only purchase of inventory for the period on
May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10,000).
5 Allied sold 500 of the units in inventory for $14 per unit (invoice total: $7,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,000.
7 Macy returns 50 units because they did not fit the customer’s needs (invoice amount: $700). Allied restores the units, which cost $500, to its inventory.
8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount 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.
Required:
Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.)
Answers: 2
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The american dream includes home ownership. but in the last few years, it's gotten harder and harder to own a home. do you think home ownership is important to most americans today? why or why not?
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Allied made its first and only purchase of inventory for the period on
May 3 for 1,000 units at a p...
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