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. November 5 Purchased 1,350 units of product at a cost of $20 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 50 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 1,350 units of product at a cost of $20 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit 27,000 27,000 November 05 Merchandise inventory Accounts payable >