Alied Merchandsers was organized on May 1. Mocy Company is a major customer (buyer) of Alied (seller) products. May 3 alied made ite tirot and only purchase of irventory for the period on May 3 for 2,000 unita at a priet of 812 caoh per anit (for a total cost of 126,900 ). May 5 Allied sold 2,000 of the anite in inventory for $16 per anit (invelce totali $16,000) to macy canpany under oredit terng 2/10,0/60. The goods cost al1ied $12,000. May 7 Kacy returns 100 enits because thay did not fit the eustomer's needs (ibvelce amodnt, $1,600). A11) (ied) restotes the units, which coet 11,200 , to its isventery. Ray 1 Mscy discovers that 100 ualta are scutted but are atil1 of use and, therefore, heeps tbe unite. al11ed given a price reduction (allowakel and oredits Mecy' a accounts recelvable for $900 to conpensate for toe dallage. May 15 Aliled receivee puyment fron Macy tor the anount oved on the May 5 purchase; payrent is net of returns, sllowances, and any eath discognt. Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet 2345577 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 ). Note: Enzer debite before orets