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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).
May 5 Allied sold 500 of the units in inventory for $16 per unit (invoice total: S8,000) to Macy Co. under credit terms 2/10. n/60. The goods cost $6,000 to Allied.
May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $800). Allied restores the units, which cost $600, to its inventory.
May 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 $400 toward the original invoice amount to compensate for the damage.
May 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.
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.)
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