answer question.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed beiow] Allied Merchandisers was organized on May 1 . Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied nade its first and onty purchase of inventory for the period on May 3 for 2,000 units at a Moy 5 Allied sold 1 , 6 ase of the units in inventory for $20,680). Moy 5 Altied sold 1,068 of the units in inventory for $14 per unit (invoice total: $14,00) to Macy conpany under credit terms 2/10, n/6e. The goods cost Allied $10,000. May 7 Macy returns 100 units because they did not fit the custorer's needs (invoice anount: $1,400). Allied May 8 Macy discovers that which cost 181,686 , to its inventory. Allied gives a price reduction fallowancel and credits of use and, therefore, keeps the units. Compensate for the damage. May 15 Allied receives payment from Macy for the amount ored on the May 5 purchase; paynent is net of returns, allowances, and any cash discount. Exercise 5-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 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. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) Exercise 58 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross tiethod and a perpetual inventory systems; it purchases these units for resale. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.)