Prepare the appropriate journal entries for Macy Co, to record each of the May transactions. Macy is a retailer 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.) Answer is not complete. Date General Journal Credit Debit 20,000 May 03 Merchandise inventory Cash 20,000 May 05 Accounts receivable 21,000 Cash 21,000 May 07 15.000 Cost of goods sold Merchandise inventory 15.000 (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 anventory Of $36,6% for the 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $12 cash per unit (for a total cost of $36, 000) 5 Allied sold 1,500 of the units in inventory for $16 per unit (invoice total: $24,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $18,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,400). Allied restores the units, which cost $1,800, to its inventory. 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the Jaits. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $1,200 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. the unit units beca60. The