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 Co. is a major customer (buyer) of Allied (seller) products. May Book Hint 3 Milied made its first and only purchase of Inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000). 5 Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500) to Macy Co. under credit terma 2/10, n/60. The goods dont Allied $16,500. 7 Macy returns 150 units because they did not fit the customer's neede (invoice amount: $2,250). Allied restores the units, which cost $1,650, to its inventory. 8 Macy discovers that 150 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 $1,050 to compensate for the damage. 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. Seferences Exercise 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 the ar proprie jour entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross od and a perpeto invenary system: It purchases Inese units for resale. (If no entry is required for a transaction/event, select ournal entry record the first account field.) MacBook Pro Saved Help Save & Exit Check my 4 Exercise 4-5 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare the appropriate journal entries for Macy Co. 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.) Part 2 of 2 View transaction list 5.5 points Journal entry worksheet Book Hint