Nov.	5	Purchased 900 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5.
Nov.	7	Returned 35 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.

Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system.

Answer rating: 100% (QA)

A C D E 1 No Date General Journal Debit Credit Merchandi... View the full answer