Allied Merchandisers was organized on May 1. Macy Company 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 $9 cash per unit (for a total cost of $9,000). May 5 Allied sold 500 of the units in inventory for $13 per unit (invoice total: $6,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $4,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $650). Allied restores the units, which cost $450, to its inventory. May 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 $250 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $9 cash per unit (for a total cost of $9,000). Note: Enter debits before credits. Date May 03 General Journal Debit Credit >

please explain step by step!

please help with parts a,b, and c

Identified steps for proving and ruling a journal page. Be specific. Explain

create a journal entry in the proper format

Can you please solve questions 5-15 of the problem above. Thank you.

Comment on the trends you see in attached numbers. 5 to 6 sentences  Thanks

ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…