QS 4.5 (Algo) Recording purchases, returns, and discounts taken LO P1 1 Prepare joumal 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 450 units of product at a cost of $10 per unit. Teres of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned is defective units from the November 5 purchase and received full credit. November 15 Poid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet Purchased 450 units of product at a cost of $10 per unit. Terms of the sale are 4/10, 1/60; the invoice is dated November 5. nces Note: Enter debits before credits Date General Journal Nov 05 Debit Credit Record entry Clear enty View general journal 1 QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 poed 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 450 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. November 7 Returned is defective units from the November 5 purchase and received full credit. Moveaber 15 Paid the amount due from the November 5 purchase, minus the return on November 7. ebook View transaction list Hint Journal entry worksheet Paid the amount due from the November 5 purchase, minus the return on November 7 Note: Enter debits before credits. General Journal Debit Credit Date Nov 15 Record entry Clear entry View general journal