Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system 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. 5. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Answer is not complete Date General Journal Debit Credit Nov 05 Merchandise inventory Accounts payable Nov 07 Accounts payable Merchandise inventory Nov 15 Accounts payable Merchandise inventory Cash