Check my 0 Required information Use the following information for the Exercises below. Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May 3 Al1ied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a 5 Allied sold 1,500 of the units in inventory tor $15 per unit (invoice total: $22,500) to Macy co. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,250). 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. price of $11 cash per unit (for a total cost of $33,000) under credit terms 2/10, n/60. The goods cost Allied $16,500 Allied restores the units, which cost $1,650, to its inventory. Allied sends Macy a credit memorandum for $1,o50 toward the original invoice amount to compensate for the damage. 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 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet