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 5/10, n/60; the invoice is dated November Nov. 7 Returned 40 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. View transaction list Journal entry worksheet 2 3 Purchased 500 units of product at a cost of $12 per unit. Terms of the sale are Journal entry worksheet Returned 40 defective units from the November 5 purchase and received full credit. Note: Enter debits before credits. + General Journal Debit Credit Date Nov 07 ( Record entry Clear entry Journal entry worksheet