Check m QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetua inventory system and the gross method. Nov. 5 Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice dated November 5. Nov. 7 Returned 30 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.