2 6 points Required information Use the following information for the Exercises below. The following information applies to the questions displayed below) Alied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at price of $12 cash per unit (for a total cost of $24,000) 5 Allied sold 1,000 of the units in Inventory for $6 per unit (invoice total $16,000) to Hacy Co. under credit teres 2/10, 1/60. The goods cost Allied 512.000 7 Hacy returns 100 units because they did not fit the customer's needs (involce mount: $1.00). Allied restores Hay discovers that 100 units are suffed but we all of use and, therefore, keeps the units. Allied elves. price reduction (allowance) and credits Hacy's accounts receivable for to compensate for the damage 15 Allied receives payment from Macy for the mounted on the May 5 purchase aytent is net of returns, allowances, and any cash discount. References Exercise 4-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method 2 WA 5 Allied sold 1,000 of the units in Inventory for $16 per unit (invoice total: $15,000) te Macy Cowder credit teras 2/10, 1/60. The goods cost Allied $12.00 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1.600). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for 500 to compensate for the damage 15 Allied receives payment from Mary for the amount owed on the May 5 purchase; pwynant is net of returns, allowances, and any cash discount. 6 po Exercise 4-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method References View transaction list Journal entry worksheet > Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). Bay