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 1,800 units at a price of $8 cash per unit (for a total cost of $8,000 ). May 5 Allied sold 500 of the units in inventory for $12 per unit (involce total: 56,008 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $4,000. May 7 Macy returns 50 units because they did not fit the customer's needs (involce amount: \$600). Atlied restores the units, which cost $400, to its inventory. May 8 Macy discovers that 50 units are scuffed but are stili of use and, therefore, keeps the units. Attied gives a price reduction (allowance) and credits Macy's accounts receivable for $200 to compensate for the damage. May 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 journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. Journal entry worksheet