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i dont know what im doing so if you could please help, i also added the general journal for better assistance.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Mllied made its first and only purchase of inventory for the pertod on May 3 for 2 ; 000 units at a price of $10 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (involce amount: $1,750). Al11ed restores the units, which eost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are sti11 of use and, therefore, keeps the units. Al1ied given a price reduction (allowance) and eredits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied recelves payment fron Macy for the amount owed on the May 5 purchase; payment ia net of returnm, allowances, and any eash discount. Exercise 4-7 (Static) Effects of sales transactions on income statement LO P2 Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, identify the accounts and amounts (including + or -) for each transaction. ome statement-specifically, identify the Answer is complete and correct

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