0 Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Allied nade its first and only purchase of Inventory for the period on May 3 for 2,ee9 units at a price s Allied sold 1,e00 of the units in inventory for $11 per unit (invoice total: $11,000) to Macy Co. under 7 Macy returns 180 units because they did not fit the customer's needs (invoice amount: $1,1e0). Allied 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied of $7 cash per unit (for a total cost of $14,000). credit terms 2/10, n/60. The goods cost $7,000 to Allied. restores the units, which cost $780, to its inventory. 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. Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Prev