QS 5-5 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 pe inventory system and the gross method. Nov. 5 Purchased 1,050 units of product at a cost of $16 per unit. Terms of the sale are 4/10, n/60; the in dated November 5. Nov. 7 Returned 50 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. * Answer is not complete. No General Journal Credit Date Nov 05 Debit 16,800 Merchandise inventory Accounts payable 16,800 / / / / Nov 07 800 Accounts payable Merchandise inventory / 800 / / Nov 15 / / Accounts payable Merchandise inventory Cash / / / /