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 (selor) products May ) Mlied nade its first and only purchase of inventory for the period on May ) for 2,000 units price of $10 cash per it (for a total cost of $20,000) May 3 Allied sold 1,000 of the units in Inventory for $10 per unit invoice totalt 116,000 to Racy Company under credit tere 2/10, 1/60. The goods cost Allied $10,000. May 7 Hoy returne 100 units because they did not fit the customer's de voice not $1,400). Allied Tests the units, which cost $1,000, to its inventory May 8 Mey discovers that 100 units are suffed but are still of use and therefore, keep the site. Allied give price reduction allowance) and credite Hay' sccounts receivable for to compensate for the damage. May 15 Allied receives payment from Macy for the amount oved on the way 5 purchase payent teneto return, 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, if no entry is required for a transaction/event select "No journal entry required in the first account field.) View transaction that Journal entry worksheet Aled 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) Generalne Dehli C Date May 02 > 30 5 1 2 3 6 7 8 9 Q W R T Y E D A S F G I 3 K N V B N M . -ntrol option command