Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using thenetmethod and aperpetualinventory system.

Nov.5Purchased 750 units of product at a cost of $12 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5.

Nov.7Returned 50 defective units from the November 5 purchase and received full credit.

Nov.15Paid the amount due from the November 5 purchase, minus the return on November 7.