B p 1 @ H Allied Merchandisers was organized on May t. Macy Company is a major customer (buyer) of Allied (selled) products Hay 3 Allindade its first and only purchase of Lentary for the period on Hay 3 for 2,000 units at a price of $38 sash grit (for total cost of $20,000). my 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice tutal: $22,000) to Macy Company under credit terms 3/10, n/. The gods cost Allied $15,000 Pay Macy returns 125 units because they did not fit the customer's needs (invoice at $1,750). Allied restores the units, which cast $1,250, to its inventory. Pay &acy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives price reduction (allmance) and credits Macy's accounts receivable for $100 to compensate for the damage. May 15 Allied receives payment froe Hacy for the amounted the ney 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming & uses a perpetual inventory system and the gross method 0 Journal entry worksheet Alled made its 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). tar debts bere adit Date General Journal Debit Cad 20 000 20,000 May 03 Merchandise inventory P.