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 $750$ units of product at a cost of $$12$ 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 $7.$

Journal entry worksheet

$1$

$2$

$3$

Purchased $750$ units of product at a cost of $$12$ per unit. Terms of the sale are

$\frac{4}{10},\frac{n}{60}$; the invoice is dated November $5.$

Note: Enter debits before credits.