Required information Use the following information for the Exercises below. [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. 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,00e units at a price of $11 cash per unit (for a total cost of $22,ee0) 5 Allied sold 1,00e of the units in inventory for $15 per unit (invoice total: $15, eee) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $11,000 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500).. Allied restores the units, which cost $1,100, to its inventory 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 $700 to compensate for the damage. 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. May Journal entry worksheet K 7 4 6 2 3 1 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000). Note: Enter debits before credits. Credit Debit General Journal Date May 03 View general journal Clear entry Record entry