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 nade its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $18 cash per unit (for a total cost of $20,000) 5 Allied told 1,500 of the units in inventory for $14 per unit (invoice total: $21,880) to Macy Co. under credit terms 2/10, n/6e. The goods cost Allied $15,000 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory 8 Macy discovers that zee 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 $300 to compensate for the damage. 15 Allied receives payment fron Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Co to record each of the May transactions. Maty is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, se "No journal entry required" in the first account field.) View transaction list Journal entry worksheet