Help Save & E Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 850 units of product at a cost of $10 per unit. Terns of the sale are 3/10, n/60; the invoice is 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. 5 View transaction list View journal entry worksheet No Date General Journal 1 Nov 05 Credit Merchandise inventory Accounts payable Debit 8,500 8,500 2 Nov 07 Accounts payable Merchandise inventory 300 300 3 Nov 15 Accounts payable Cash 8.200 8,200