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 1,000 units at a price of $11 cash per unit (For a total cost of $11,000). May 5 Allied sold 58e of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Company under credit terms 2/18, n/60. The goods cost Allied $5,500. May 7 Macy returns 58 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that 50 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 $350 to compensate for 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). Note: Enter debits before credits. General Journal Debit Credit Date May 03 Record entry Clear entry View general joumal Required information View transaction list Journal entry worksheet 1 3 4 5 6 7 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Company under credit terms 2/10, 1/60. Note: Enter debits before credits. General Journal Debit Credit Date May 05 Record entry Clear entry View general Journal Required information View transaction list Journal entry worksheet