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 $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,000 of the units in Inventory for $14 per unit (invoice totalt $14,000) 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 anount: $1,400). Allied restores the units, which cost $1,000, to its inventory 8 Mocy discovers that 100 units are scuffed but are still of use and therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the danage. 15 Allied receives payment from Macy for the amount owed on the Way 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assumingituses a perpetual inventory system and the gross method View transaction list Journal entry worksheet