nut is corrector incorrect for the Required information The following information apples to the questions displayed below) Allied Merchandisers was organized on May 1 Macy Co. is a major customer buyer of Allied (seller products May Allied made its first and only purchase of inventory for the period on May 3. for 3,000 units at a price of $10 cash per unit (for a total cost of $20,0). 5 Allied sold 1,500 of the units in inventory for 514 per unit invoice total: $23,000) to Hacy to under Credit terms 2/10, 1/6. The goods cost Allied $15, cee. 7. Macy returns 125 units because they did not fit the customer's needs (invoice sount: $1,750). Allied restores the units, which cost $1,25e, to its inventory. 1 Hacy discovers that 200 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 $100 to compensate for the damage. 15 Allied receives payment froe Macy for the amount out on the way 5 purchase payment is net of returns allowances, and any cash discount Prepare the appropriate journal entries for Macy Co to record each of th May transactions Mocy is a retailer that uses the gross method and a perpetual inventory system, and purchases these sole (if no entry is required for a transaction/event, select "No journal entry required" in the first account field) Answer is not complete No Date May 03 General Journal Debit 1 Credit Merchandise inventory Cash 20.0003 EX x 20.000 3 2 May 05 Accounts receivable Sales 21.000 21.000 3 May 07 Sales returns and allowances Accounts receivable 1.750 x * 1.750