Prepare journal entires to record each o the following purchases transactions of a merchandising company. Assume a perpetual inventory system.

Nov. 5- Purchased 1,110 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5.

Nov.7- Returned 25 defective units from the November 5 purchase and received full credit.

Nov. 15- Paid the amount due from the November 5 purchase, less the return on November 7.