Thapter 4 HW Help Save & Exit Subm Required information Use the following Information for the Exercises below. The following information applies to the questions displayed below.) Part 2 of 2 Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 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). 5 Allied sold 500 of the units in inventory for $12 per unit invoice total: $6,000) to Macy Co. under credit tomma 2/10, 1/60. The goods coat Allied $4,000. 7 Macy returns 50 units because they did not fit the customer's needs invoice amount: $600). Allied restore the units, which cost $400, to its inventory. Maey discovers that 50 units are suffed but are still of use and therefore, keeps the units. Allied sende Macy credit memorandum for $200 toward the original involce Amount to compensate for the damage 15 Allied receives payment from Macy for the amount owed on the May 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.) View transaction list 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 1,000 units at a price of $8 cash per unit (for a total cost of $8,000). Note: Enter debits before credits aces Date General Journal Debit Credit May 03 Record entry Clear entry View general Journal ULIU T Required information 2 View transaction list Part 2 of 2 Journal entry worksheet 3 4 5 Skipped Allied sold 500 of the units in Inventory for $12 per unit (Invoice total: $6,000) to Macy Co. under credit terms 2/10, 1/60. The goods cost $4,000 to Allied. eBook Note: Enter debits before credits References Date General Journal Debit Credit May 05 Record entry Clear entry View general Journal View transaction list Journal entry worksheet