Requlred information

$[$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.

Nay $3$ Allied made its first and only purchase of inventory for the period on May $3$ for $2,$e$9$e units at a price of s$11$

cash per unit $($for a total cost of $$22,$ ege$).$

May $5$ Allied sold $1,600$ of the units in inventory for $$15$ per unit $($invoice total: $315,$ eee$)$ to Macy Company under

credit terns $\frac{2}{10},\frac{n}{60}.$ The noods cost Allied $$11,000.$

Nay $7$ Macy returns $160$ units because they did not fit the customer's needs $($invoice amount: $51,$ Se$9),$ Allied restores

the units, which cost $$1,10e,$ to its inventory.

Nay $8$ Macy discovers that $1$ee units are scuffed but are still of use and, therefore, keeps the units. A$1$lied gives a

price reduction $($allowance$)$ and credits Macy's accounts receivable for $$790$ 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.

Use the above informations, analyze each transaction by indicating its effects on the income statement$-$specifically, identify the

accounts and amounts $($including $+$ or $-)$ for each transaction.