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Required information [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 2 , 000 units at a price of $12 cash per unit (for a total cost of $24,000 ). May 5 Allied sold 1, e9e of the units in inventory for $16 per unit (invoice tota1: $16,000 ) to Macy Conpany under credit terms 2/10,n/60. The goods cost Allied $12,000. May 7 Macy returns 160 units because they did not fit the customer's needs (invoice anount: $1,600 ). Allied restores the units, which cost $1,260, to its inventory. May 8 Macy discovers that 190 units are scuffed but are still of use and, therefore, keeps the units. Allied Bives a price reduction (allowance) and credits Macy's accounts receivable for $800 to compensate for the dasage. May 15 Allied receives payment froen Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount. Prepare the appropriate journal entries for Macy Company 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. Note: If no entry is required for o transoction/event, select "No journal entry required" in the first account field

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