Required information (The following information applies to the questions displayed below.) Terry Fox Co. was organized on May 1. May 3 Terry Fox Co. made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10,000). May 5 Terry Fox Co. sold 500 of the units in inventory for $14 per unit (invoice total: $7,000) to a customer under credit terms 2/10, n/60. The goods cost Terry Fox Co. $5,000. May 7 The customer returns 50 units because they did not fit the customer's needs (invoice amount: $700). Terry Fox Co. restores the units, which cost $500, to its inventory. May 8 The customer discovers that 50 units are slightly damaged, but are still of use and, therefore, keeps the units. Terry Fox Co. gives a price reduction (allowance) and adjusts the customer's accounts receivable for $300 to compensate for the damage. May 15 Terry Fox Co. receives payment from the customer for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. re journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system. ew transaction list Journal entry worksheet