12 Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller products. May 3 All led made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22.). 5 Allied sold 1,000 of the units in Inventory for 515 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost $11,000 to Allied. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory 8 Hacy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $700 toward the original Invoice wount to compensate for the damage 15 Allied receives payment from Macy for the mount owed on the May 5 purchase payment is net of returns, allowances, and any cash discount. OK 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) ences View transaction list Journal entry worksheet 4 > Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000). Note: Enter debits before credits Credit Date May 03 General Journal Merchandise inventory Cash Debit 22.000 22.000