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 750 units of product at a cost of $12 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. and received full credit. return on November 7. Nov. 7 Returned 50 defective units from the November 5 purchase Nov. 15 Paid the amount due from the November 5 purchase, less the View transaction list Journal entry worksheet