Required information Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products May3 Allied nade its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $8 cash per unit (for a total cost of $8,000). 5 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $4,000. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $600). Allied restores the units, which cost $420, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy o credit memorandum for $200 toward the original invoice amount 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. 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, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) M AAR Ornon Tom Required information View transaction list Journal entry worksheet 1 2 3 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $8 cash per unit (for a total cost of $8,000). Note: Enter debits before credits. General Journal Debit Credit Date May 03 Record entry Clear entry Vwrw general journal search omte 90 DOLL Required information View transaction list Journal entry worksheet 3 4 5 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Co. under credit terms 2/10, n/60. The goods cost $4,000 to Allied. Nota: Enter debits before credits General Journal Credit Date May 05 Record entry Clear entry View general journal e to search ote 90 DOLL Chapters 4.5, and 6 0 manom Required information View transaction list Journal entry worksheet oxie 93 @ e to search DELL apters 4,5, and 6 Sowed mamAn anns namna non PAROC ca un mewur OCRID Required information View transaction list Journal entry worksheet og e90d o search DELL mann n a narnaas onenn eeam A CE TO Required information View transaction list Journal entry worksheet here to search DOLL