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

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Accounting

Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Mar. 5 Purchased 500 units of product at a cost of $5 per unit. The purchaser was granted a trade discount of 20% and the terms of the sale were 2/10, n/60.
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 and applicable discount.

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