Suomit Required information [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company 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 units at a price of $8 cash per unit (for a total cost of $8,000). May 5 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $4,000. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $600). Allied restores the units, which cost $400, to its inventory. May 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 $200 to compensate for the damage. May 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. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction list Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $8 cash per unit (for a total cost of $8,000). Note: Enter debits before credits. Date May 03 General Journal. Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 Allied sold 500 of the units in inventory for $12 per unit (invoice total: $6,000) to Macy Company under credit terms 2/10, n/60. Note: Enter debits before credits. Date May 05 General Journal Debit Credit Record entry Clear entry View general journal > Required information Journal entry worksheet < 1 2 3 4 5 6 7 Record the cost of goods sold. Note: Enter debits before credits. Date May 05 General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $600). Note: Enter debits before credits. Date May 07 General Journal Debit Credit View general journal Record entry Clear entry Required information Journal entry worksheet 1 2 3 4 LO 5 6 7 Allied restores the units, which cost $400, to its inventory. Note: Enter debits before credits. Date May 07 General Journal Debit Credit View general journal Record entry Clear entry Required information Journal entry worksheet < 1 2 3 4 5 6 7 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 $200 to compensate for the damage. Note: Enter debits before credits. Date May 08 General Journal Debit Credit View general journal Record entry Clear entry Required information. Journal entry worksheet < 1 2 3 4 5 6 7 Allied receives payment from Macy for the amount owed on the May 5. purchase; payment is net of returns, allowances, and any cash discount. Note: Enter debits before credits.. Date May 15 General Journal Debit Credit View general journal Record entry Clear entry