WAY OF CRIE su 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 1,400 units of product at a cost of $40 per unit. Terms of the sale are 5/10, 1/60; the invoice is dated November 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Nov. 5. Nov. View transaction list Journal entry worksheet 2 3 Paid the amount due from the November 5 purchase, less the return on November 7 Note: Enter debits before credits Date General Journal Debit Credit