Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic 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, less the return on November 7. Answer is complete but not entirely correct. No Dato General Journal Credit Debit 6,000 1 Nov 05 Purchases Accounts payable 6,000 2 No 07 480 Accounts payable Purchases returns and allowances 480 3 Nov 15 5.520 Accounts payable Cash Purchases discounts OO 5.4103 110