Saved quired information se the following information for the Exercises below. The following information applies to the questions displayed below.) Mlled Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 3 Mlied made its first and only purchase of inventory for the period on May 3 for 1,000 units at price of $11 cash per unit (for a total cost of $11,000). S Allied sold 500 of the unito in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/19, n/60. The goods coat Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cont $550, to its inventory. 8 Macy discovers that 50 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 $350 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. ercise 4-5 Recording purchas purchases returns, and purchases allowances LO P1 epare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross ethod 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.)