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pequired information [The followng infovmation appoes to the quezions chspojed belowy] Abied Merichandisers Was organized on Miy 1. Macy Company ss a majoc custbmer (buyer) af Alted (setler) products. units, which cast 100 , to its invettary. Prepare journat entries to recatd the followng transactions foe Alied assuming it uses a beipetuas inveasory bystem and the gross methad. Journal entry worksheet 3(4)57 Aitid mase its first and arly purchase of leventery for boe period on May 3 for Wiei tmar dabe ble molas. Required information [The following information applles to the questions displayed below] Alled 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 , 00 units at a price of 58 cesh per unit (for a total cost of $8,00 ). May 5 Allied sold 500 of the units in inventory for 512 per unit (involce total: 56,000 ) to Macy Company under credit terns 2/10,n/60. The goods cost Al1ied $4,609. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice anount: 5600 ), Allied restores the units, which cost $400, to its inventory. May 8 Macy discovers that 50 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 $200 to compensate for the damage. May 15 Alled recelves payment from Macy for the anount owed on the May 5 purchase; payment is net of returns, a1lowances, and any cash discount, repare journal entries to record the following transactions for Alited assuming it uses a perpetual inventory system and the gross nethod

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