Required Information Use the following Information for the Exercises below. The following information applies to the questions displayed below Alled Merchandisers was orgenized on May 1. Macy Co. 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). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice 7 Macy returns 125 units because they did not fit the customer's needs 8 Macy discovers that 200 units are scuffed but are still of use and, 15 Allied receives payment from Macy for the amount owed on the Hay 5 total: $21,000) to Nacy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. (invoice amount: $1,750). Allied restores the units, which cost $1,250 to its inventory therefore, keeps the units. A1lied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the danage purchase: payment is net of returns, allowances, and any cash discount. Exercise 4-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end View transaction list Journal entry worksheet 1 2 3 4 5 6 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. 03 Record entry View general journal Clear entry