Exam $3$: Chapter $5$ & $6$

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Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system.

November $5$ Purchased $450$ units of product at a cost of $$10$ per unit. Terms of the sale are $\frac{4}{10},\frac{n}{60}$; 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 $7.$

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