[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 2 , 0e units at a price of $10 cash per unit (for a total cost of $20,90 ). May 5 A1lied sold 1,500 of the units in inventory for $14 per unit (invoice tota1: $21,600 ) to Macy Company under credit terms 2/10,n/60. The goods cost Allied $15,800. May 7 Macy returns 125 units because they did not fit the custoser's needs (invoice amount: \$1, 75e). A11ied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers 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 $380 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 gross method and a perpetual inventory system it purchasps thece uach on the May iransactions Macy is a retailer that uses th 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.)