Prepare journal entries to record each of the following transoctions of a merchandising company. The company uses a perpetual inventory system arid the gross method. November 5 Purchased 1,050 units of product at a cost of $16 per unit. Terns of the sale are 4/10, n/60; the invoice is dated Novenber 5. November 7 Returned 50 defective units trom the Novenber 5 purchase and received full credit. Novenber 15 Paid the anount due fron the Novenber 5 purchase, ainus the return on Novenber 7. Journal entry worksheet Purchased 1,050 units of product at a cost of $16 per unit. Terms of the sale are 4/10,N/60; the invoice is dated November 5 . Hote: Enter debits before credits