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  3. prepare journal entries to record each of the foll

Prepare journal entries to record each of the following transactions of a merchandising company. The...

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Accounting

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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 1.300 units of product at a cost of 520 per unit. Terms of the sale are 3/10, 1/60; the invoice is dated November November 7 Heturned 45 defective units from the November 5 purchase and received full credit November 15 Paid the mount due from the November Spurchase, minus the return on November 7 View transaction ist Journal entry worksheet 2 Purchased 1,300 units of product at a cost of $20 per unit. Terms of the sale are 3/10, V60, the invoice is dated November 5 Note Enter debite before credits Debit Credit General Journal Dato Nov 05 View general Journal Clear entry Record entry

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