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Discuss purchases transactions of a merchandising company

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Reference no: EM131762511

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

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.

Reference no: EM131762511

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