Saved Hel ter 4 Assignment Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp 3 [The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Part 2 of 2 May 3 Allied nade its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). 5 Allied sold 1,500 of the units in inventory for $13 per unit (invoice total: $19,500) to Macy Co. under credit terms 2/10, 1/60. The goods cost Allied $13,500. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,950). Allied restores the units, which cost $1,350, to its inventory. B Macy discovers that 150 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 $750 to compensate for the damage. 15 Allied receives payment from Macy for the anount owed on the May 5 purchase: paynent is net of returns, allowances, and any cash discount. points 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.)