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Required information Use the following information for the Exercises below. [ The following information applies to the questions displayed below. ] Allied Merchandisers was organized

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 2,000 units at a price of $8 cash per unit (for a total cost of $16,000).
May 5 Allied sold 1,000 of the units in inventory for $12 per unit (invoice total: $12,000) to Macy Company under credit terms 210,n60. The goods cost Allied $8,000.
May 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,200. Allied restores the units, which cost $800, to its inventory.
May 8 Macy discovers that 100 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 $400 to compensate for the damage.
May 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.
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.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Answer is not complete.
\table[[No,Date,,,Debit,Credit],[1,May 03,Merchandise inventory,x,16,000,],[,Accounts payable,x,,16,000x
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