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, 1/68; 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 amount due from the November 5 purchase, minus the return on November 7. Answer is complete but not entirely correct. Credit No Date General Journal Debit 20,000 > 1 Nov 05 Merchandise inventory Accounts payable oo 20,000 900 > 2 Nov 07 Accounts payable Merchandise inventory 900 19.100 3 Nov 15 Accounts payable Merchandise inventory Cash 382 X 18,7183