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 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the anount due from the November 5 purchase, minus the return on Novenber 7. Answer is complete but not entirely correct. Date Debit No General Journal Credit Nov 05 1 20,000 Merchandise inventory Accounts payable 20.000 900 2 Nov 07 Accounts payable Merchandise inventory oo OOO OO 900 19.100 3 Nov 16 Accounts payable Merchandise Inventory Cash 382 18.718