Discussion:
Recording purchases-perpetual system L.O. P1 Mar. 5 Purchased 500 units of product at a cost of $5 per unit. Terms of the sale are 2/10, n/60; the invoice is dated March 5. Mar. 7 Returned 50 defective units from the March 5 purchase and received full credit. Mar. 15 Paid the amount due from the March 5 purchase, less the return on March 7. Prepare journal entries to record each of the above purchases transactions of a merchandising company. Assume a perpetual inventory system. (Omit the "tiny_mce_markerquot; sign in your response.) Date General Journal Debit Credit Mar. 5 Mar. 7 Mar. 15