Allied Merchandisers was organized on May 1, Macy Co. is a major customer (buyer) of Allied (seller) products. ok + May 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). 5 Allied sold 1,000 of the units in inventory for $15 per unit invoice totalt 515,000) to Macy Co. under credit terns 2/10, 1/60. The good cost Allied $11,000. 7 Macy returns 100 units because they did not fit the customer's neede (invoice Amount: $1,500). Allied restores the unite, which cont $1,100, to its inventory. # Macy discovers that 100 units are suffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and ofoditu Macy's accounts receivable for $700 to compensate for the damage. 15 Allied receives payment from Macy for the amount oved on the May 5 purchase payment is not of returns, allowances, and any cash discount. . Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet 1 3 4 Record the cost of goods sold. Note Enter debts before credits General Journal Debit Credit Date May 05 102 Prepare Journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method 16.66 View transaction ist Journal entry worksheet 45 6 7 > Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500) Noter Enter debitor credits General Journal Debit Credit Date May 02 repare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method View transaction ist Journal entry worksheet 2 3 4 6 7 > Allied restores the units, which cost $1,100, to its inventory Note: Enter debts before credits General Journal Debit Credit Date May 07 Journal entry worksheet 2 3 4 5 7 > Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage Note Enter des before credits Date General Journal Debit Credit May 09 Required information Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method View transaction is Journal entry worksheet