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Journal entry worksheet 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 . Note: Enter debits before credits. QS 5-4 (Algo) Computing net invoice amounts LO P1 Compute the amount to be paid for each of the four separate invoices assuming that all involces are paid within the discount perio QS 5-5 (Algo) Recording purchases, returns, and discounts taken LO P1 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 1,100 units of product at a cost of $40 per unit. Terms of the sale are 5/10, n/6e; the invoice is dated November 5. November 7 Returned 25 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. Journal entry worksheet 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 . Note: Enter debits before credits. Journal entry worksheet Paid the amount due from the November 5 purchase, minus the return on November 7. Note: Enter debits before credits. Journal entry worksheet Returned 25 defective units from the November 5 purchase and received full credit. Note: Enter debits before credits

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