journal entries

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 1,450 units of product at a cost of $40 per unit. Terms of the sale are 3/10, 1/60; 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. View transaction list Journal entry worksheet Purchased 1.450 units of product at a cost of $40 per unit. Terms of the sale are /10, 1/60, the invoice is dated November 5 Notenter de bord Debit General Journal Date Credit Nov 05 Nov. 5 Purchased 1,450 units of product at a cost of $40 per unit. Terms of the sale are 3/10, n/6e; 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. View transaction list Journal entry worksheet