Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp 5 6.66 points 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 1.500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, r/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. No Date Answer is complete but not entirely correct. General Journal Merchandise Inventory Accounts payable Debit Credit 1 Nov 05 60,000 > 60,000 2 2 Nov 07 1,400 Accounts payable Merchandise inventory 1.400 3 Nov 15 58,600 > Accounts payable Merchandise Inventory Cash BO 2,344 2,34 MC Graw HIM