Required information The following information applies to the questions displayed below) Alled Merchandisers was organized on May 1. Macy Co. 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 3,000 units at a price of 59 cash per unit (for a total cost of $27,00) 5 Allied sold 1,50e of the units in Inventory for $13 per unit invoice total: $19,500) to Macy Co. under credit terms 2/10, 6/60. The goods cost Allied $13,500. 7 Macy returns 150 units because they did not fit the customer's needs (Invoice anount: $1,950). Allied restores, the units, which cost $1,350, to its inventory, 8 Macy discovers that 150 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 $750 to compensate for the danage. 15 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 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 Alled made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of 59 cash per unit (for a total cost of $27,000), Note Enter debit before credit Date General Journal Debit Credit May 03 Record entry Clear entry View general journal