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 2.000 units at a price of 5 cash per unit (for a total cost of 516,000). May 5 Allled sold 1,000 of the units in Inventory for $12 per unit (invoice total: $12,000) to Macy Company under credit terms 2/13, n/60. The goods cost Allled $3,000. May 7 Macy returns 100 units because they did not fit the customer's needs (Involce amount: $1,200). Allied restores the units, which cost 5000, to its inventory. Hay 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 5400 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the Play 5 purchase; payment is net of returns, allowances, and any cash discount. repare the appropriate Journal entries for Macy Company to record each of the May transactions Macy is a retaller that uses the ross method and a perpetual inventory system, it purchases these units for resale Of no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Allied made its first and only purchase of Inventory for the period on May 3 for 2,000 units at a price of 38 cash per unit (for a total cost of $16,000). Note: Enter debits before credits General Journal Date May 03 Dabhi Credk on