neck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicat red information the following information for the Exercises below. Following information applies to the questions displayed below.) Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $12,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,600). Allied restores the units, which cost $1,200, to its inventory. 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 $800 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount, e 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 he appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, select mal entry reauired" in the first account field.) "No journal entry required" in the first account field.) 12 of 2 X Answer is not complete. No Date General Journal Debit Credit 1 15 Merchandise inventory May 03 24,000 Cash 24,000 2 May 05 16,000 Cost of goods sold Merchandise inventory 16,000 3 May 07 Merchandise inventory Cost of goods sold 1,600 1,600 4 May 08 Sales returns and allowances 800 Accounts receivable 800 5 May 15 Cash 13,328 X Sales discounts 272 Accounts receivable 13,600