prepare journal entries to record each of the following transactions of a merchandise company. The company uses a perpetual inventory system and the gross method.

Nov 5 Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5.

Nov 7 Returned 30 defective units from the November 5 purchase and received full credit.

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