# ! Required information Use the following information for the Exercises 6-8 below. (Algo) [The following information...

###### Question:

! Required information Use the following information for the Exercises 6-8 below. (Algo) [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 3,000 units at a price of $10 cash per unit (for a total cost of$30,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total:$21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount:$2,100). Allied restores the units, which cost $1,500, to its inventory. 8 Macy discovers that 150 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$900 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. Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2
Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of$30,000). Allied sold 1,500 of the units in inventory for $14 per unit (invoice total:$21,000) to Macy Co. under credit terms 2/10, n/60. Record the cost of goods sold. 4 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,100). 5 Allied restores the units, which cost$1,500, to its inventory.
##### Problem 3 A company has the following transactions during June: June 2 Provide services to customers...
Problem 3 A company has the following transactions during June: June 2 Provide services to customers for cash, $4,300 June 8 Purchase office supplies on account,$1,000 June 11 Pay workers' salaries for the current period, $1,400 June 15 Issue additional shares of common stock,$6,000 June 28 P...
##### On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company. Pacifica...
On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company. Pacifica will maintain Seguros as a wholly owned subsidiary with its own legal and accounting identity. The consideration transferred to the owner of Seguros included 56,570 newly issued Pacifica common shar...
##### A far-sighted person can see his iPhone clearly only if he holds it 40 cm away...
A far-sighted person can see his iPhone clearly only if he holds it 40 cm away a farther from his eyes. What should be the prescription of his contact lenses, if he wants to clearly see his phone at a distance of 25 cm? +1.5 D -1.5 D +6.5 D -6.5 D -2.4 D...
##### Question 39 The main characteristic(s) of oligopolistic industries is a few, large, interdependent firms that sell...
Question 39 The main characteristic(s) of oligopolistic industries is a few, large, interdependent firms that sell most the stuff Omany, large, interdependent firms that sell most the stuff O a few, large, independent firms that sell most the stuff Omany, large independent firms that sell most the s...