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 Company is a major customer (buyer of Allied (se len products May Alliedade its est and only purchase of inventory for the period on May 3. For eee unit at a price of $8 cash per unit for a total cost of $15,00) May 5 Allied sold 1,000 of the unde in Inventory for $22 per unit invoice total $12,000 to Macy Company under credit ters 2710/62. The moods cost Allied 58.00 May 7 Macy returns 100 units because they did not fit the customer needs avoice amount: $1,zee Allied restores the units, we cost $800, to its inventory, Kay 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 accountival for $100 to compensate for the damage May 15 Allied receives payment from Macy for the amount owed on the way purchase payment is net of returns allowances, and any cash discount Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual Inventory system and the gross method Exercise 4-6 (Algo) Recording sales, sales returns, and sales allowances LO P2 Prepare joumal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method View transaction list Journal entry worksheet