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 i Macy Company is a major customer (buyed) of Allied (seller) products. May 3 Allied made its firat and only purchase of inventory for the period on May 3 for 2 , ooo unita at a price of $8 cash per unit (for a total cost of, $16,000 ). Way 5 Allied sold 1,000 of the units in inventory for $12 per unit (invoice totalt $12,000) to Macy company under eredit terns 2/10,n/60. The goods cost hliled $8,000. May 7 Macy retorns 100 unite because 'they did not f it the oustomer' needn (invoice anounti 51,200 . A11 ied restores the units, which cost se00, to its inventory. Kay -8 Macy discovers that 100 units are scutted but are btili of use aad, therefore, keepa the units. Alised gives a price reduction (allowance) and oredits Macy' n accobata receivable for 5400 to coupensate for Kay 15 Allied receives paynent froe Macy for the amount oved on the May 5 purohase; paymont in net of returns, allouances, and any canh gilecount: Exercise 4.8 (Algo) 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 retailer that uses the. gross method and a perpetual inventory system; it purchases these units for resale. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 5 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $8 cash per unit (for a total cost of $16,000 ). Note: Enter debits before credits