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) products. May 3 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 ). May 5Mli ied sold 1,500 of the unita in inventory for $14 per unit (involce totalt $21,000) to Macy Company under eredit terms 2/10,n/60. The goods cost Ali1ied$15,000. May 7 Macy returns 125 units because they did not f it the customer's needs (invoice amount $1,750 ). A12ied restores the unita, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are stil1 of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to conpensate for the danage. May 15 N11led receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 4-8 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retaller that uses the gross method and a perpetual inventory system; it purchases these units for resale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fieid. * Answer is not complete