Required Information 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 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 1,088 units at a price of $11 cash per unit (for a total cost of $11,098) May 5 Allied sold see of the units in inventory for $15 per unit (invoice total: $7,5ee) to Macy Company under credit teres 2/10, 1/68. The goods cost Allied 55,500 May 7 Macy returns se units because they did not fit the customer's needs (invoice amount: $250). Allied restores the units, which cost $550, to its inventory. May B Macy discovers that se 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 $35e 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. Journal entry worksheet 2 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Company under credit terms 2/10, 1/60. The goods cost $5,500 to Allied. Noter Enter debits before credits Debit Credit Date General Journal May 05 Accounts receivable Sales View general journal Record entry Clear entry Journal entry worksheet