Help Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual nventory system and the gross method. Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, 1/60; the invoice is dated November 5. Nov. 7 Returned 35 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. View transaction list Journal entry worksheet Prex View transaction list Journal entry worksheet 2 3 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. General Journal Debit Credit Date Nov 05 View general journal Record entry Clear entry 5 of 17 Next > Journal entry worksheet Journal entry worksheet