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 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 c0. under credit terms 2/10,n/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 $400, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recoivable for $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. Prepare joumal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Note from Dr.Beck: perpetual inventory system and gross method are the only way we did it for this course) Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Note from Dr.Beck: perpetual inventory system and gross method are the only way we did it for this course) Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 0 units at a price of $8 cash per unit (for a total cost of $8,000 ). Note: Enter debits before credits