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 2,600 units at a price of $11 cash per unit (for a total cost of $22,000 ). May 5 Allied sold 1, 900 of the units in inventory for $15 per unit (invoice tota1: \$15, 899 ) to Mocy Company under credit terms 2/10,n/60. The goods cost Allied $11,000. May 7 Macy returns 100 units because they did not fit the custoner's needs (invoice anount: $1,500 ). A1lied restores the units, which cost $1,100, to its inventory. May 8 Macy discovers that 100 units are scuffed but are stili of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage. May 15 Allied receives payment from Macy for the amount oned on the May 5 purchase; payment is net of returns, allowances, and any cash discount. epare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the oss method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for o transaction/event, lect "No journol entry required" in the first occount field.) Journal entry worksheet 5 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000 ). Notes Enter debits before iredits