OS 4-5 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 perpetual Inventory system and the gross method. Wov. 5 purehased 1,0s0 units of product at a cont of $i6 per unit. Teras of the sale are 4/10, n/60, che invoice is Nov. 7 Returned 50 defective units from the Novenber 5 purchase and received full eredit. Now- 15 Pald the amount due trom the Novesber 5 purchase, leas the returs on Novenber 1 dated Novenber S. Journal entry worksheet Purchased 1,050 units of product at a cost of $16 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before aredits F3 F4 F5 F1 F2