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 (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). lied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $12,000. 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,800). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 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 $600 to compensate for the damage. 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. Journal entry worksheet 1 2 3 4 5 6 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). Note: Enter debits before credits. General Journal Debit Credit Date May 03 Journal entry worksheet 2 3 4 5 6 7 Allied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Co. under credit terms 2/10, n/60. Note: Enter debits before credits. Date General Journal Debit Credit May 05 Journal entry worksheet 2 4 5 6 6 7 Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Date May 05 Journal entry worksheet Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,800). Note: Enter debits before credits. General Journal Debit Credit Date May 07 Journal entry worksheet