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 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, less the return on November 7. View transaction list View journal entry worksheet General Journal Credit No 1 Date Nov 05 Debit 1,250 Accounts payable Accounts receivable 1,250 Nov 07 Computer services revenue Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system. Apr. 1 Sold merchandise for $6,800, granting the customer terms of 5/10, EOM; Invoice dated April 1. The cost of the merchandise is $4,080. Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $760. The merchandise, which had cost $456, is returned to inventory. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet