Required information {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 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 unita at a price of $11 canh per unit (for a total cost of $22,000). 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000 to Maey Co. under credit terms 2/10, 1/60. The goode cont Allied $11,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cont $1,100, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied given a price reduction allowance) and credits Macy's accounts receivable for $700 to compensate for the damage. 15 Allied receives payment from Macy for the amount oved on the May 5 purchash payment is not 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; 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.) Required information Journal entry worksheet 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 $700 to compensate for the damage. Note: Enter debits before credits. Date General Journal Debit Credit May 08 Record entry Clear entry View general journal Journal entry worksheet