$[$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 $3,000$ units at a price of $$9$ cash per unit $($for a total cost of $$27,000).$ May $5$ Allied sold $1,500$ of the units in inventory for $$13$ per unit $($invoice total: $$19,500)$ to Macy Company under credit terms $2/10,$ n$/60.$ The goods cost Allied $$13,500.$ May $7$ Macy returns $150$ units because they did not fit the customer$$s needs $($invoice amount: $$1,950).$ Allied restores the units, which cost $$1,350,$ to its inventory. May $8$ 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 $$750$ to compensate for the damage. May $15$ Allied receives payment from Macy for the amount owed on the May $5$ purchase; payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale.$[$The following information applies to the questions displayed below.$]$ Allied Merchandisers was organized on May $1.$ Macy Company is a major customer $($buyer$)$ of Allied $($seller$)$ products. May $3$ Allied made its first and only purchase of inventory for the period on May $3$ for $3,000$ units at a price of $$9$ cash per unit $($for a total cost of $$27,000).$ May $5$ Allied sold $1,500$ of the units in inventory for $$13$ per unit $($invoice total: $$19,500)$ to Macy Company under credit terms $2/10,$ n$/60.$ The goods cost Allied $$13,500.$ May $7$ Macy returns $150$ units because they did not fit the customer$$s needs $($invoice amount: $$1,950).$ Allied restores the units, which cost $$1,350,$ to its inventory. May $8$ Macy discovers that $150$ units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction $($allowance$)$ and credits Macy's accounts receivable for $$750$ to compensate for the damage. 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 the appropriate journal entries for Macy Company 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.