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. 5 Purchased 450 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated Nov November 5. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list View journal entry worksheet Debit No Date General Journal Credit Merchandise inventory 4,500 1 Nov 05 Accounts payable 4,500 Accounts payable 350 2 Nov 07 Merchandise inventory 350 Accounts payable 4,150 3 Nov 15 Cash 3,984 Merchandise inventory 166 Prepare journal entries to record each of the following transactions of a merchandising company. The com inventory system and the gross method. 5 Purchased 450 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n Nov November 5. 7 Returned 35 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. Nov View transaction list Journal entry worksheet 1 2 3 Purchased 450 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5 Note: Enter debits before credits. Debit Date General Journal Credit Nov 05 Journal entry worksheet 2 1 3 Returned 35 defective units from the November 5 purchase and received full credit Note: Enter debits before credits. Journal entry worksheet 2 1 Paid the amount due from the November 5 purchase, minus the return on November 7. Note: Enter debits before credits