ct 1 Saved Help Save & E Chi equired information he following information applies to the questions displayed below.] lied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,eee units at a price of $10 cash per unit (for a total cost of $20,eee). 5 Allied sold 1,5ee of the units in inventory for $14 per unit (invoice total: $21,800) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15, eee. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,25e, 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 payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. e journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the g d. o Required information Viewuran sam IST 2 Journal entry worksheet 4 to search O 101 s in Connect i Help Save & Exit Sub Check my world 15 Anned receives payment from racy for the amount owed on the rays purchase; payment 15 net or returns, allowances, and any cash discount Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system; it purchases these units for resale. (I no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction fist Journal entry worksheet O ch lige