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 500 units of product at a cost of $12 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, minus the return on November 7.