Wk 1 - Practice: Connect Knowledge Check [due-. i Saved Help Save & Exit Submit Check my work 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. Nov. 5 Purchased 1, 150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is 10 dated November 5. points Nov. 7 Returned 30 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. eBook Hint View transaction list References Journal entry worksheet 2 3 V Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Purchases 11,500