Nov. 5 Purchased 1,100 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 25 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.
Prepare the journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system.
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Home » Business » Nov. 5 Purchased 1,100 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov.