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Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits, Date General Journal Debit Credit May 15 Cash Sales discounts Accounts receivable KULPTED Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1 Macy Company is a major customer buyer of Aled seller products May Allied sade its first and only purchase of invertory for the period on May 9 for 1,990 units at a price of cash per unit (for a total cost of $9,000). May 5 Allied sold 590 of the units in inventory for $13 per unit invoice total: 55,520) to accompany terms 2/10, n/68. The goods cost Slied $4,599. Ray 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $59) dresteres units, which cost $450, to its inventory. Hay & Nacy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units price reduction allowance and credits Macy's accounts receivable for $250 to compensate for the manage ay 15 Allied receives payment from tacy for the amount oued on the May 5 purchase; parent is met allo ances, and any cash discount. Exercise 5-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1