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 (seller) produc May 3 Altied made its first and only purchase of inventory for the period on May 3 for 1,000 units a price of $9 cash per unit (for a total cost of $9,00 ). May 5 Allied sold 500 of the units in inventory for $13 per unit (invoice total: $6,500 ) to Macy Com under credit terms 2/10,n/60. The goods cost Allied $4,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $650 ). Al restores the units, which cost $450, to its inventory. May 8 Macy discovers that 50 units are scuffed but are stili of use and, therefore, keeps the units. gives a price reduction (allowance) and credits Macy's accounts receivable for $250 to compens. the damage. May 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. 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 nethod. Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $9 cash per unit (for a total cost of $9,000 ). Note: Enter debits before credits