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 Allled made its first and only purchase of inventory for the period on May 3 for 2,000 unitil at a price of $11 cash per unit (for a total cost of $22,000 ). May 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total1 $15,000 ) to Macy Company finder credit terms 2/10,n/60. The goods cost Nliled $11,000. May 7 Macy returns 100 units becouse they did not fit the custoner's needs (invoice anounti $1,500 ). Allied restores the unitis, which cont $1,100, to its inventory. May 8 Macy discovers that 100 units are scuffed but are still of ase and, therefore, keeps the units. Allied gives a price reduction (allowance) and eredits Macy's accounts receivable for $700 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; paysent 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 (2) (3) (4) (3) (6) (7) 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 )