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 Aliied 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 5 Allied sold 1,000 of the uniti in inventory for $14 per unit (1 nvoice total: $14,000) to Macy Company under eredit terms 2/10, n/60. The goods cost Al11ed $10,000. May 7 Macy return 100 units because they did not f it the cuatomer's needs (invoice amount: $1,400). Al1ied restores the units, which cost $1,000, to its inventory. May 8 Macy discovera that 100 unita are seuffed but are stili of use and, therefore, keeps the units. Aliled gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compenate for the danage. May 15 Allied receives paysent from Macy for the amount owed on the May 5 purchase: payment is net of returna, allowances, and any cash discount. 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 jiese units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the iirst account field.)