mework Saved Required Information The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on MayLor 1,000 units at a price of $10 cash per unit (for a total cost of $10,000), 5 Allied sold see of the units in inventory for $14 per unit (invoice total: $7,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,000. 7 Macy returns se units because they did not fit the customer's needs (invoice anount: $700). Allied restores the units, which cost $500, to its inventory. 8 Macy discovers that se 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 $300 to compensate for the damage 15 Allied receives paynent from Macy for the amount owed on the May purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method Prepare journal entries to record the following transactions for Aled assuming it uses a perpetual inventory system and the gross 2 method View transaction list Journal entry worksheet 1 2 5 6 Alled made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10.000) Note Enterdubits before credits Date General Journal May 09 Debil Credit Record entry Char entry View general Journal