purchased 1500 units at a cost of 40 per unit. terms of sale are 4/10, n/60 , invoice is dated november 5. nov 7. Returned 35 defective units for full credit from the nov 5th purchase. nov 15. Paid the amount due from the november 5 purchase, minus the return on november 7th. this has to be solved using the NET method and a perpetual inventory system and it is for journal entries.

Help save p 5 Appendix Saved Check my work QS 5-21C Recording purchases, returns, and discounts-net & perpetual methods LO P7 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. Nov. 5 Purchased 1,500 units of product at a cost of $40 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. Book Print erences View transaction list View journal entry worksheet No 1 Date Nov 05 General Journal No Transaction Recorded Debit Credit 2 2 Nov 07 No Transaction Recorded 3 Nov 15 No Transaction Recorded