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

Nov.5Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5.Nov.7Returned 25 defective units from the November 5 purchase and received full credit.Nov.15Paid the amount due from the November 5 purchase, less the return on November 7.