Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made 1 ts first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit ( for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice asount: \$1, 750). Atued restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 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 530e to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; paynent is net 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