Use the following information for the Exercises below. Tho following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (selier) products. ray 3 sllied made ite first and only pucchase of inventory for the period on May a for 2,000 anttll at a price of $8, pash per unit (for a total cose ot $16,000 ). May 9 Aliled sold 1,000 of the units in isventory for $12 por unit (Ifivolce tofals $12,000 ) to Mary conpasy ander erodit terms 2110,n/60. The goods coot Aliled50,600. reatores the units, whieb cost $800, to its iaventory. May \& Macy discovern that 100 inita are seufted but-are etili of use and, eherefore, keepa the units: A11ibd gives a price reduction (allovance) and eredits Kacy' aceounts receivable tor $400 to coepensate for the danage. May is Milied receives paysent from Macy for the anount owed on the May 5 parchaser paynent is net of returos, allovances, and any canh dincount. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LOP1 Prepare the appropriate joumal entries for Macy Company to record each of the May tansactions. Macy is a rotailer 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.)