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 $1,250$ units of product at a cost of $$20$ per unit. Terms of the sale are $\frac{5}{10},$ n$/60$; the invoice is dated November $5.$

Nov. $7$ Returned $40$ 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 $7.$

Journal entry worksheet

$1$

$2$

$3$

Purchased $1,250$ units of product at a cost of $$20$ per unit. Terms of the sale are $\frac{5}{10},\frac{n}{60}$; the invoice is dated November $5.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Nov $05],[,,,],[,,,],[,,,],[,,,],[,,,]]$