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 Alle belle products May Allied made its first and only purchase of inventory for the period for its at a price of 5 cash per unit (for a total cost of $20,000) Salted cold 1,500 of the units in Inventory for 514 per unit (voice total: $21.00) Mery Counder Credit terus 3/30, -se. The goods cost Allied $15. 7 Macy returns 125 units because they did not fit the customer needs met $3,750) Allied restores the units, which cost $1,250, to its inventory. Macy discovers that 200 units are scuffed tut are still of use, therefore the nits. Alle send Macy credit word for $100 toward the original im to come for the 15 Allied receives payment fromacy for the most wed on the archase set 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 f no entry is required for a transaction event, select "No journal entry required in the first account field) Debe CH No General Journal Date May 03 2000 Merchandise mentory Cash 27. 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. Of no entry is required for transaction event, select "No journal entry required in the first account field) 1 May 03 Merchandisinvertory Cash 20.000 20 000 2 Mays Accountable Cost of goods Merchandisinventory OO HED 10.000 0 10.000 3 May 07 Sales returns and a bowances Merchandisinventory Cost of goods sold 00 140 1.300 1000 4 May 08 500 Sales rotan and towances Accounts receivable 00 5 May 15 Cash Merchandito inventory Accounts receivable TO 201 OOO OO 12.000