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 $10 cash per unit (for a total cost of $20,000) May 5 Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,099) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $10,000. May ? Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,40e). Allied restores the units, which cost $1,eee, to its inventory. May 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 $600 to compensate for the damage. May 19 Allied receives payment from Macy 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 Allied assuming It uses a perpetual Inventory system and the gross method View transaction list Journal entry worksheet Allied restores the units, which cost $1,000, to its inventory. Note: Enter debits before credits. Date General Journal Debit Credit: May 07 Record entry Clear entry View general journal 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 (sellen products, May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,gee units at a price of $1e cash per unit (for a total cost of $20,000). May 5 Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,090) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $10,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,400). Allied restores the units, which cost $1, wee, to its inventory May 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 $600 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May S purchase; payment is net of returns, allowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual Inventory system and the gross method View transaction list Journal entry worksheet