USA browser 596253AX newconnectmheducation.com%252Fw/activity/ 5/8/2021 Saved Required information 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 3,cee units at a price at $11 cash per unit (for a total cost of $33,000). 5 Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22,500 to Macy Co. under Credo terns 2/10, n/60. The goods cost Allied $16, see. 7 Macy returns 150 units because they did not fit the customer's needs (invoice anount: $2,250) Allied restores the units, which cost $1,650, to its inventory. 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $1,050 to compensate for the damage, 15 Allied receives payment from Macy for the amount owed on the May 5 purchase (payment is within the discount period). Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy uses a perpetual inventory system, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet