Prepare journal entries to record each of the following purchases transactions of a merchandising company.

Show supporting calculations and assume a perpetual inventory system.

Mar. 5 Purchased 600 units of product with a list price of $10 per unit. The purchaser is granted a trade discount of 20%; terms of the sale are 2 10, n 60; invoice is dated March 5.

Mar. 7 Returned 25 defective units from the March 5 purchase and received full credit.

Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7.