Requlred Informatlon Use the following information for the Exercises below Allied Merchandisers was organized 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 1,000 5 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units at a price of $8 cash per unit (for a total cost of $8,000) Co. under credit terms 2/10, n/60. The goods cost Allied $4,000 $600). Allied restores the units, which cost $400, to its inventory units. Allied sends Macy a credit memorandum for $200 toward the original invoice amount 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. Exerclse 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, and purchases these units for resale. (If no entry ls requlred for a transactlon/event, select "No Journal entry requlred" In the first account fleld.) Answer is not complete. No Date General Journal May 03 8,000 Merchandise inventory Accounts payable 8,000 May 05 6,000 Sales 6,000 May 07 Sales returns and allowances 600 600 May 08 Sales returns and allowances 200 200 ay Cash 5,096 Sales discounts 104 Accounts receivable 5,200