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.

November $5$ Purchased $1,050$ units of product at a cost of $$16$ per unit. Terms of the sale are $\frac{4}{10},\frac{n}{60}$; 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 $7.$