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Allied Merchandisers was organized on May 1. Macy Company 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 2,880 units at a price of $8 cash per unit (for a total cost of $16,80 ). May 5 Allied sold 1,000 of the units in inventory for $12 per unit (involce total: $12,880 ) to Macy Conpany under credit terms 2/10,n/60. The goods cost Allied $8,000. May 7 Macy returns 100 units because they did not fit the customer's needs (invoice anount: $1,200 ). Allied restores the units, which cost $800, to its inventory. May 8 Macy discovers that 100 units are scuffed but are stili of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $480 to compensate for the damage. May 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. Exercise 4-8 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 repare the appropriate journal entries for Macy Company to record each of the May transactions. Macy is a retailer that uses the ross method and a perpetual inventory system; it purchases these units for resale. lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field