Prepare Journal entrles to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. v. 5 Purchased 1,100 units of product at a cost of $48 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November Nov. 7 Returned 25 defective units fron the Novenber 5 purchase and received full credit Nov. 15 Paid the anount due fron the November 5 purchase, less the return on Novenber 7 ew tranaaction lat Journal entry worksheet Purchased 1,100 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. General Journal Debit Credit Nov 05 Record entry Clear entry VMew general journal