[The following information applies to the questions displayed below] Alled Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (selier) products. May 3 Allied made its firet and caly purchase of inventory for the penod on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of 520,000). May5 Allind sold 1,500 of the units in inventory for 514 per unit (mroice total: 521,000 ) to Macy Company under credit terms 210,n60. The goods cost Allied 515,000 May? Macy returss 125 witt because they did not fit the customer 's seeds (iaveice amount $1,750 ). Allied restores the units, which cost 51,250, to its inventory, May: 8 Macy discoves that 200 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 $300 to compenate for the damage. May 15. Allied receives payment from Macy for the amount orred on the May 5 purchase; payment is net of tetums, allowances, and any cash discouat. Prepare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retaller that uses the gross method and a perpetual inventory system, it purchases these units for resale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account fleid. Journal entry worksheet (2) 3 ( 4 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000 ). Notet Enter debits before eredita