Use the following information for the Exercises below. [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 (seler) 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 $10 cash per unit (for a total cost of $2e, cee). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit teres 2/10, 1/60. The goods cost Allied $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. 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 $300 to compensate for the damage. 15 Allied receives paynent from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Exercise 5-4 Recording sales, sales returns, and sales allowances LO P2 Prepare journal entries to record the following transactions for Alled assuming it uses a perpetual inventory system and the gross method View transaction lit Journal entry worksheet Allied made its first and only purchase of inventory for the period on May 3 for B r asher for a total cost of onni metrou. View transaction list Journal entry worksheet 2 3 4 5 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). Note: Enter debits before credits. General Journal Debit Credit Date May 03 Record entry Clear entry View general journal