Required information [The following information applies to the questions displayed berow] Alied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) productsi May 3 Allied nade its first and only purchase of ieventory for the perind on May 3 for 2,0e0 units at a price of is cash per unit (for a total cost of 516 , eea). May 5 Allied sold 1 , ees of the units in inventory for 512 per unit (invoice total: s12, aee) to Macy Conpany under credit teras 2/10,n/69. The goods cost Althed 38,000 . May 7 Macy retums 100 units because they did not fit the eustoner's needs (invoice apount: 51,200 . Atlied restores the units, which cost seee, to its inventory. May B. Macy discovers that 160 units are scuffed but are stili of use and, therefore, keeps the units. nilied gives a price reduction (atlonance) aod credits Macy's accounts recelvable for suae to coepensate for the datage. May is allied receives paybent fros hacy for the anount owed on the May 5 purchase: paysent is net of retarns, allowances, and any cash discount. Prepare joumal enties to record the folowing transactions for Alied assuming it uses an perpetual inventory system and the gross: fncthod Journal entry worksheet Journal entry worksheet 23467 Allied made its first and only purchase of imventory for the period on May 3 , for 2,000 units at a price of sis cash per unit (for a total cost of $16,000 ). Ne. Catar debits befort crests