, Return Required information 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 2,000 units at a price ot $ cash per unit (for a total cost of $18,000). 5 Allied sold 1,000 of the units in inventory for $13 per unit invoice total: $13,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $9,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300) Allied restore the unite, which cost $900, to its inventory. 8 Macy discovers that 100 units are sottod but are still of use and, therefore, keeps the units. Allied sends Macy a credit nemorandum for $500 toward the original invoice amount to compensate for the damage 15 Allied receive payment from Hacy for the amount owed on the My 5 purchase; payment is not of returns, allowances and any cash discount 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, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) MacBook annan completion. Return F ! Required information Toyu Ba ju CNY C ULICE Answer is not complete. No General Joumal Date May 03 Debit Credit No joumal entry required May 05 Merchandise nventory 13.000 Accounts payable 13,000 May 07 Accounts payable Merchandise inventory 1.300 1,300 May DA Accounts payable Merchandise inventory 500 500 May 15 Accounts payable Cash Merchandise inventory 13,000 & 13,000 X 13,000 MacBook