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 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, 1/68; the invoice is dated 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, minus the return on November 7. View transaction list Journal entry worksheet 2 3 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, 1/60; the involce is dated November 5. Note: Enter dubits before credits Date Debit Credit Nov 05 General Journal Merchandise inventory Accounts payable 6,000 6,000 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Returned 25 defective units from the November 5 purchase and received full credit. os Note: Enter debits before credits General Journal Debit Credit Date Nov 07 250 Accounts payable Merchandise inventory 250 Record entry Clear entry View general journal View transaction list Journal entry worksheet Pald the amount due from the November 5 purchase, minus the return on November 7. Note: Enter debits before credits Date Debit Credit Nov 15 General Journal PAccounts payable Cash 5,750 5,750 Record entry Clear entry View general Journal