QS $5-16$ Merchandlse purchase: trade discount, return$-$perpetual LO$3$

Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting calculations. Assume a perpetual inventory system.

Mar. $5$ Purchased $500$ units of product with a list price of $$5$ per unit. The purchaser was granted a trade discount of $20\%$ and the terms of the sale were $\frac{2}{10},\frac{n}{60}.$

$7$ Returned $50$ defective units from the March $5$ purchase and received full credit.

$15$ Paid the amount due resulting from the March $5$ purchase, less the return on March $7$ and applicable discount.

OS $5-17$ Sale of merchandise: trade discount$-$perpetual $\frac{?}{{?}_{\frac{?}{?}}}$ LO$3$