QS $4-5($Algo$)$ Recording purchases, returns, and discounts taken LO P$1$

Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.

November $5$ Purchased $1,100$ units of product at a cost of $$40$ per unit. Terms of the sale are $\frac{5}{10},\frac{n}{60}$; the invoice is dated November $5.$

November $7$ Returned $25$ 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 $1,100$ units of product at a cost of $$40$ per unit. Terms of the sale are $\frac{5}{10},\frac{n}{60}$; the invoice is dated November $5.$

Note: Enter debits before credits.

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