Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Alled (seller) products. Kay 3 Aliled made ite first and only purchase of inventory for the period on ray 3 for 2 ,000 unith at a price of $12 cash per unit (for a total cost of $24,000 ). May 5 price of $12 eash per unit (for a total cost of $26,000). under eredit terms 2/10,0/60, The goode cont Aliled 512,000 . May 7 Macy returns 100 utits because they did not tit the euatomer's need (iavolce anount: 51,600 ). A11led restores the unitm, which cost $1,200, to its inventory. May Mey discovers that 100 units are scafted but are stili of uee and, therefore, keeps the units. A111ed gives a price reduction (allovance) and eredita Macy's aceounts receivable for 5000 to compensate tor the danage. Moy 15 Alliled recelves payment from Macy for the amoust oved of the ray 5 purchase; payment in net of returne, allowatices, and any canh discount. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field