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 5 Purchased 600 units of product at a cost of $10 per unit. Terma of the sale are 2/10, n/60 the invoice is Nov. dated November 5. 7 Returned 25 defective units from the November 5 purchase and received full eredit. Nov. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. View transaction list Journal entry worksheet K 1 2 3 es Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit ov 05 View general journal Clear entry Record entry