Che Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. ay Allied mode its fi aronly prchase of inventory for the period on Hay 3 for 2,00 units at a price of $1 s Allied sold 1,088 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the unit, led sends 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, cash per unit (for a total cost of $22,000). terms 2/1e, n/60. The goods cost $11,000 to Allied the units, which cost $1,100, to its inventory Macy a credit memorandum for $700 toward the original invoice amount to compensate for the damage. allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross and a inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journel entry required" in the first eccount field.)