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 November $5$ Purchased $500$ units of product at a cost of $\backslash (\backslash$$ $12\backslash )$ per unit. Terms of the sate are $\backslash (5/10,$ n $/60$ ; $\backslash )$ the invoice is dated November $5.$ November $7$ Returned $40$ defective units from the November $5$ purchase and received full credit. November $15$ Paid the amount due from the November $5$ purchase, minus the return on November $7.$ Journal entry worksheet Paid the amount due from the November $5$ purchase, minus the return on November $7.$ Note: Enter debits before credits.