Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system arid the gross method. Novenber 5 Purchased 1 , 050 units of product at a cost of $16 per unit. Teras of the sale are 4/20,n/60; the invoice is dated Novenber 5 . Novenber 7 Returned 50 defective units fron the Noveaber 5 purchase and received full credit. Novenber 15 Pald the anount due from the November 5 purchase, minus the return on November 7. 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 involce is dated November 5 . Nothi Intir debits tiefoce ondats