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. 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 35 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. NOV. View transaction list Journal entry worksheet 1 2 3 3 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Nov 05 Debit Credit Record entry Clear entry View general journal 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. 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. 7 Returned 35 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. Nov. Nov. View transaction list Journal entry worksheet