Save Help Save 2 Required information The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Aled (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 $9 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 terns 2/10, n/60. The goods coat Allied $9,000. 7 Macy returns 100 units because they did not fit the customer's needs (Lvoice amount: $1,300). Alled restores the units, which cost $900, to its inventory. 8 Moey discovers that 100 units are suffed but are still of use and, therefore, keep the units. Allied gives a price reduction allowance) and credits Macy's accounts receivable for $500 to compensate for the damage. 15 Allied receives payment from Macy for the amount oved on the May 5 purchase payment is set of reteras, allowances, and any cash discount. 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.) View transaction list Journal entry worksheet > 1 2 3 4 5 View transaction list Journal entry worksheet 1 2 3 4 5 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000). Note: Enter debits before credits. Debit Credit Date General Journal T May 03 View general Journal Record entry Clear entry