(Solved): Prepare the journal entries to record each of the above purchases transactions of a merchandising co ...

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. November 5 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 Novenber 5 . November 7 Returned 25 defective units fron the November 5 purchase and received full credit. Novenber 15 Paid the anount due from the November 5 purchase, minus the return on Novenber 7. Journal entry worksheet Purchased 600 units of product at a cost of $\$10$ per unit. Terms of the sale are $2/10,\mathrm{n}/60$; the invoice is dated November 5 . Notei Enter debits before credits. 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. Novenber 5 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 Novenber 5. Novenber 7 Returned 25 defective units from the Novesber 5 purchase and received full credit. November 15 Pald the amount due from the Novenber 5 purchase, ninus the return on November 7. Journal entry worksheet Note: Enter debits before credits. 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. November 5 Purchased 600 units of product at a cost of $\$10$ per unit. Terms of the sale are $2/10,\mathrm{n}/60$; the invoice is dated November 5 . November 7 Returned 25 defective units from the Novenber 5 purchase and received fult credit. Novenber 15 Paid the amount due fron the Novenber 5 purchase, ninus the return on Novenber 7. Journal entry worksheet Paid the amount due from the November 5 purchase, minus the return on November 7 . Notei Enter debits before credits.