[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. 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 2,000 units at a price of $9 5 Allied sold 1,000 of the units in inventory for $13 per unit (invoice total: $13,000) to Macy Co. under credit 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,300) Allied restores 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied sends 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, cash per unit (for a total cost of $18,000) terms 2/10, n/60. The goods cost Allied $9,000 the units, which cost $900, to its inventory. Macy a credit memorandum for $500 toward the original invoice amount to compensate for the damage. allowances, and any cash discount Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method. (Allied estimates returns using an adjusting entry at each year-end.) View transaction list Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $9 cash per unit (for a total cost of $18,000) Note: Enter debits before credits. Date General Journal Debit Credit May 03