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Required Information [The following informadion applles to the questions displayed below.] Allied Merchandisers was organized on May L. Macy Company is a major customer (buyer) of Allied (seller) products, Way 3 Nllied aade lta tirat and only purehase of Inventory for the period on May 3 for 2,000 unita at a price of $9 eash per anit (for a total coat of 513,000 ). May 5 Aliled sold 1,000 of the anits in inventery for 113 per anit ( invole totali $13,000) to Kocy Coepasy under eredit terna 2/10,n/160. The qoode cont A111ed $9,060. key 7 Macy returne 100 units because they did not fit the eantome's needo (involen anount, 11,300 ). A11ind restarea the unita, which cont 1950 , to ita inventory; May I Macy diecovern that 100 anita nre ncuffed but are ntili of aan and, therefore, keeps the uoita. Al1ied given a price redaotion (allovace), and eredita vacy'a sccounta receivable for $500 to coopensate tor the darsge. Kay 15 Allied recelves peyent froo Macy for the ascont oved on the May 5 purehasel payane is nat of returne, allowances, and any enah diocount. Prepare the approprlate journal entries for Macy Company to record each of the May transactions. Macy is a retaller 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 lournal entry required" In the flist account field.) Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000 ). Allied sold 1,000 of the units in inventory for $13 per unit (invoice total: $13,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost $9,000 to Allied. Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300 ). Allied restores the units, which cost $900, to its inventory. Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recoivahlo for $5nn+n inmnancata fort tho damano te : = journal entry has been entered Alled soid 1 , vuU or the units in inventory ror \$1s per unit (invoice total: $13,000 ) to Macy Company under credit terms 2/10,n/60. The goods cost $9,000 to Allied. Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300 ). Allied restores the units, which cost $900, to its inventory. Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price