Ch Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products May 3 Allied made its first and only purchase of Inventory for the period on May for 1,000 units at a price of 311 cash per unit (for a total cost of $11,000). May 5 Allied sold soo of the units in Inventory for $15 per unit (invoice total: $7,500) to Macy Company under credit terns 2/10, n/60. The goods cost Allied $5,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice anount750). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that se units are scuffed but are still of use and, therefore, keeps the units. Alled gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 4-8 (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.) 3 Required information Journal entry worksheet of 3 1 2 3 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (For a total cost of $11,000). ed Note: Enter debits before credits. Date General Journal Debit Credit May 03 Record entry Clear entry View general Journal 3