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 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 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, less the return on November 7. View transaction list Journal entry worksheet Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug 1 Purchased merchandise with an invoice price of $108,000 and credit terms of 3/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet Purchased merchandise with an invoice price of $108,000 and credit terms of 3/10, n/30. Note: Enter debits before credits