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Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyet) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $7 cash per unit (for a totat cost of $14,000). May 5 Allied sold 1,000 of the units in inventory for $11 per anit (invoice total: $11,000) to Macy Company under credit terns 2/10,n/60. The goods cost Allied $7,000. May 7 Macy returns 108 units because they did not fit the custoner's needs linvoice anount: $1,100). Allied restores the units, which cost $700, 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 (allowancel and credits Macy's accounts receivable for $30 to conpensate for the danage. May 15 Allied receives paynent fron Macy for the anount owed on the May 5 purchase; paynent is net of returns, allowances, and any cash discount. pare journal entries to record the foliowing transactions for Allied assuming it uses a perpetual inventory system the gross method. Prepare joumal entries to record the following transactions for a retall store. The company uses a perpetual inventory system and the gross method. Aprit 2 Purchased s4, 30e of merchandise from Lyon Coopany with credit terits of 2/15,n/60, involce dated Aprit 2 , and FOB shipping point. Aprit 3 Paid $280 cash for shipping charges on the Aprit 2 purchase. April 4 Returned to Lyon Conpany unacceptable nerchandise that had an involce price of s7ee. Aprit 17 Sent a check to Lyon Company for the Aprit 2 purchase, net of the discount and the returned merchandise. April 18 purchased 57, 906 of aerchandise from Frist Corporation with eredit teras of 1/10, a/3e, involice dated April 18, and F00 destination. Aprit 21 After negotiations over scuffed serchandise, received fron Frist a $500 atlowance toward the 57,900 ewed on the April 18 purchase. Aprit 28 Sent check to Frist paying for the Aprit 18 purchase, net of the altowance and the discount. Fob shipping point. April 3 Paid $26b cash for shipping charges on the April 2 parchase. Aprit 4 Meturned to Lyon Coepany unscceptable nerchandise that had an invotce price of sjod. Aprit 17 sent a check to Lyon Ceepany for the Aprit 2 purchase, net of the discount and the returned inerchandse. Aprit 18 Purchased $7,900 of nerchandise fros Frist Corporation with credit terms of 1/1e, a/30, invotce dated Aprit. 18, and fob destination. Aprit 21 After negotiations over scuffed nerchandise, recelved frod frist a $500 allowance teward the 57 , 900 owed ed the Aprit 18 purchase. Aprit 28 sent check to Frist paying for the Apeit 18 purchase, net of the attowance and the discount