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 , eee units at a price of $10 cash per unit (for a total cost of $20,09 ) May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total $21, ob0) to Macy Conpany under credit teras 2/10,n/60. The goods cost Al1led $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice anount: $1,75e ). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are sti11 of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchose; paynent is net of returns, allowances, and any cash discount. Journal entry worksheet 34567 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 ). Note: Enter debits before credits. Journal entry worksheet 567 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10,n/60. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750 ). Note: Enter debits before credits. Journal entry worksheet Allied restores the units, which cost $1,250, to its inventory. Notet Enter debits before credits, Journal entry worksheet Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts recelvable for $300 to compensate for the damage. Note: Enter debrts betore credits. Journal entry worksheet 12345 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Note; Enter debis before credits