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 $10 cash per unit (for a total cost of $30,000). 5 ABC sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to MNM Co. under credit terms 2/10, n/60. The goods cost ABC $15,000. 7 MNM returns 150 units because they did not fit the customer's needs (invoice amount: $2,100). ABC restores the units, which cost $1,500, 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 $900 to compe 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 journal entries to record the following transactions for ABC assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). Note: Enter debits before credits. Date General Journal Debit Credit May 03 Record entry Clear entry View general journal