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Required information [The following information applies to the questions displayed below.] Alled 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 3 for 2 , 0eg units at a price of $8 cash per unit (for a total cost of $16,000 ). May 5 Allied sold 1,000 of the units in inventory for $12 per unit (invoice totat: $12,968 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $8,000. May 7 Macy returns 100 units because they did not fit the customer's needs (involce amount: \$1,200). Attied restores the units, which cost $800, to its inventory. May 8 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 receivable for s4eo to compensate for the damage. May 15 Allied receives paysent from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare the approprlate 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.)