Prepare joumal entries to record each of the following transactions of a merchandising compary. The company uses a perpetual inventory system and the gross method.

November $5$ Purchased $1,100$ units of product at a cost of $$40$ per unit. Terms of the sale are $\frac{5}{10},\frac{n}{60}$; the involce is dated November $5.$

November $7$ Returned $25$ defective units from the November $5$ purchase and received full credit. Novenber $15$ Paid the amount due from the November $5$ purchase, minus the return on November $7.$

Journal entry worksheet

$1$

$2$

$3$

Purchased $1,100$ units of product at a cost of $$40$ per unit. Terms of the sale are $\frac{5}{10},\frac{n}{60}$; the invoice is dated November $5.$

Wete: Inter datits bedern mendits

$\backslash$table$[[$Dale$],[$Noyember$],[$os$]]$

Parearid antry

clator ovity