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Required Information {The following information applies to the questions displayed below) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer of Alled (seller products. May 3 Allied made its first and only purchase of Inventory for the period on May 3 for 3,600 units at a price of $8 caste per unit (for a total cost of $24,000) 5 Allied sold 1,5ee of the units in inventory for $12 per unst (Invoice total: 518,eee) to Macy Co. under credit terms 2/1, 1/60. The goods cost Allied $12,080. 7 Macy returns 150 units because they did not fit the customer's needs (Irivolce amount: 31,00). Allied restores the units, which cost $1,200, to its inventory. 8 Macy discovers that 150 units are scutfed but are still of use and, therefore, keeps the units. Allied gives price reduction Callowance) and credits Macy's accounts receivable for $6ee to compensate for the damage 15 Allied receives payment from Macy for the amount owest on the May 5 purchaser payment is net of returns Sllowances, and any cash discount. Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual Inventory system and the gross method Vlow transactions Journal entry worksheet 1 2 4 6 Allied made its first and only purchase of inventory for the peod on May for 3.000 units at a price of $8 cash per unit for a total cost of $24.000)

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