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 perpetual inventory system and the gross method. Nov. 5 purehased 1,500 unitn of produet at a cost of 540 per unit. Terms of the nale are 4/10,n/607 the invoice is dated Novenber 5 . Nov. 7 Returned 35 defective unita from the November 5 purehane and recelved fu11 oredit. Nov. 25 paid the amount due from the November 5 purchase, minus the return on Novesber 7. Journal entry worksheet Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10,n/60; the invoice is dated November 5. Note: Enter debits before cretits