QS 5-17A Recording purchases, returns, and discounts-periodic & gross methods LO P5 Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system NOV. 5 Purchased see units of product at a cost of $12 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November Nov. 7 Returned 4e 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 5. 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 5/10, 1/60; the invoice is dated November 5. Note: Enter debits before credits Date General Journal Debit Credit Nov 05 er entry View general journal