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Use the Ionowing iniormation ior the exercises beiow. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (selier) products. May 3 Allied nade its first and only purchase of inventory for the period on May 3 for 2,00e units at a price of 510 cash per unit (for a total cost of $20,000 ). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: 221, a0e) to Macy Coapany under credit teres 2/10,n/60. The goods cost Atlied 515,000 . May 7 Macy returns 125 units because they did not tit the custocer's needs (invoice arount: \$1, 750). Altied restores the units, which cost $1,250, to its inventary. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (atlowance) and credits Macy's accounts receivable for $300 to compensate 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. Exercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Company to record eoch of the May transactions. Macy is a retaler 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.)