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, eee units at a price of $10 cash per unit (for a total cost of $20,000) 5 Allied sold 1, eee of the units in inventory for $14 per unit (invoice total: $14, eee) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $10,000 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,400). Allied restores the units, which cost $1,009, to its inventory 8 Macy discovers that 100 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 $600 to compensate for the damage 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is 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 retailer 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. "No journal entry required in the first account field.)