Required information [The following information applies to the questions displayed below] Alled Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Atied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000 ). May 5 Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 ) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $16,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice anount: 52,250 ). AlLed restores the units, which cost $1,650, to its inventory. May 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 $1,050 to compensate for the danage. May 15 Allied receives paynent from Macy for the amount oved on the May 5 purchase; payent is net of returns, allowances, and any cash discount. Trepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the ross method and a perpetual inventory system; it purchases these units for resale. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) Journal entry worksheet 2.34 Allied made its first and only purchase of inventory for the period on Moy 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000 ). Note: limer detite before credit