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. Nov. 5 Purchased 1,350 units of product at a cost of $20 per unit. Terms of the sale are 4/10. n/60 the invoice is dated November 5 Nov. 7 Returned 50 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 View transaction list Journal entry worksheet > 1 2 3 Terms of the sale Purchased are 4/10, Accounts payable Accounts receivable Note: Enter de Accumulated depreciation Administrative expenses Date Debit Credit Nov 05 Record entry Clear entry View general journal