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 $8 cash per unit (for a total cost of $16,000). 5 Allied sold 1,000 of the units in Inventory for $12 per unit (invoice total: $12,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $8,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,200). Allied restores the units, which cost $800, to its inventory. 8 Macy discovers that 100 units are acuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $400 to compensate for the damage. 15 Allied receiven payment from Mary for the amount owed on the May 5 purchase payment to net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co. to record each of the May transactions, Macy is a retaller that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Journal entry worksheet 1 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 Date General Journal Debit Credit May 03 Record entry Clear entry View general Journal