Required information (The following information applies to the questions displayed below.) ABC Merchandisers was organized on May 1. MNM Co. is a major customer (buyer) of ABC (seller) products. May 3 ABC made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). 5 ABC sold 1,500 of the units in inventory for $13 per unit (invoice total: $19,500) to MNM Co. under credit terms 2/10, n/60. The goods cost ABC $13,500. 7 MNM returns 150 units because they did not fit the customer's needs (invoice amount: $1,950). ABC restores the units, which cost $1,350, to its inventory. 8 MNM discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. ABC gives a price reduction (allowance) and credits MNM's accounts receivable for $750 to compensate for the damage. 15 ABC receives payment from MNM 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 MNM Co. to record each of the May transactions. MNM 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, select "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 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). Note: Enter debits before credits. Date General Journal Debit Credit May 03 Record entry Clear entry View general journal