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 ) 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). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,009) to Macy Co. under credit teras 2/10, 1/60. The goods cost Allied 515,000. 7 Hacy 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 Hacy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $200 to compensate for the damage. 15 Allied receives payment from Hacy 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. Macy 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.) Answer is not complete. No Credit General Journal Date May 03 Debit 20.000 -1 Merchandise inventory Cash 3 3 20.000 21,000 2 May 05 21.000 Accounts receivable Sales Cost of goods sold Merchandise Inventory 15.000 15.000