Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company 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 $8 cash per unit (for a total cost of $16,000 ). Kay 5 Allied sold 1,000 of the unite in inventory for $12 per unit (invoice totalt $12,000 ) to Macy Company under eredit terma 2/10,n/60. The goods coet k11ied $8,000. May 7 Macy returns 100 units because they did not fit the customer's heeds (invoice amount: $1,200 ). Al11ed restores the units, which cost $800, to its inventory. May \& Macy diecovere that 100 units are scuffed but are stil1 of use and, therefore, keops the units. Allied gives a price reduction (allowance) and eredits Macy's accounts receivable for $400 to compensate for the damage. May 15 Allied recoives payment from Macy for the amount oved on the May 5 purchase; paymunt is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retaller 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.) Journal entry worksheet 2 3 4 (5) Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $8 cash per unit (for a total cost of $16,000 ). Note: Enter debits before credits. Journal entry worksheet