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. May3 Allied made its first and only purchase of inventory for the period on May 3 for 2.000 units at price of $10 cash per unit for a total cost of $20,000): 5 Allied sold 1,500 of the units in Inventory for $14 per unit invoice total: $21,000) to Macy Co. under credit terms 2/10, 1/60. The goods cont Alled $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Alied restores the units, which cont $1,250, to its inventory. 8 Macy discovers that 200 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 the damage. 15 Allied receives payment from Macy for the amount oved on the May 5 purchase payment is not 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