QS 4-5 Recording purchases, returns, and discounts taken LO P1 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. Nov. 5 Purchased 500 units of product at a cost of $12 per unit. Terms of the sale are 5/18, n/68; the invoice is November 5. Nov. 7 Returned 48 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. View transaction list Journal entry worksheet > 1 2 3 Purchased 500 units of product at a cost of $12 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November 5. Note: Enter debits before credits General Journal Debit Credit Date Nov 05