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 units at a price of $7 cash per unit (for a total cost of $14,000). 5 Allied sold 1,000 of the units in inventory for $11 per unit (invoice total: $11,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $7,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,108). Atlied restores the units, which cost $790, to its inventory. 8 Macy discovers that nee 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 $300 to compensate for 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 journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method, View transaction list Journal entry worksheet Ch4 HW algorithmic 15 pts Help Save & Submit Check my werk 2 Required information 3 points Journal entry worksheet 23:52:31