Check my worl 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 eits first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000) 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy co. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,100). Allied under credit terms 2/10, n/60. The goods cost Aiiied sis,000 . restores the units, which cost $1,500, to its inventory 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Hacy a eredit memorandum for $900 toward the original invoice amount to comer the 15 Allied receives payment from Macy or the amount oved on the Hay 5 purchase; payment is net of damage 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 Gretailer 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 Prev 1of 1 Next>