Refer to QS 4-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.

In QS 4-5

Nov. 5 Terms of the sale are 2/10, n/60; the invoice is dated November 5.

7. Returned 25 defective units from the November 5 purchase and received full credit.

15. Paid the amount due from the November 5 purchase, less the return on November 7.