More info Nov 4 Purchased $6,500 of merchandise on account from Brown's Tire. Terms, 4/15, n/45, FOB shipping point. Brown's Tire prepaid the $200 shipping cost and added the amount to the invoice. 7 Purchased $100 of supplies on account from Office Buys. Terms, 1/10, n/30, FOB destination 9 Sold $1,000 (cost, $400) of merchandise on account to E. White. Terms, 4/15, n/45. FOB destination. 11 Paid $125 freight charges to deliver goods to E. White. 13 Returned $400 of the merchandise purchased on November 4 and received a credit. 15 Sold $840 (cost, $275) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Brown's Tire the amount due from the November 4 purchase in full. 20 E. White returned $300 (cost, $180) of merchandise from the November 9 sale. 22 Purchased $3.000 of inventory. Paid cash. 23 Received payment in full from E. White for the November 9 sale. 30 The refund liability for the month of November was estimated to be $220. The cost of goods estimated to be returned was $110. Requirement 1. Journalize the transactions on the books of Tireboyz Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $6,500 of merchandise on account from Brown's Tire. Terms, 4/15, n/45, FOB shipping point. Brown's Tire prepaid the $200 shipping cost and added the amount to the invoice Joumal Entry Date Accounts Debit Credit Nov 4 Nov 7: Purchased $100 of supplies on account from Office Buys. Terms, 1/10, n/30, FOB destination. Journal Entry Date Accounts Debit Credit Nov 7 Nov 9: Sold $1,000 (cost, $400) of merchandise on account to E. White. Terms, 4/15, n/45, FOB destination. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Joumal Entry Date Accounts Debit Credit Nov OD 9 Now journalize the cost of goods sold related to the sale of merchandise from November 9. Journal Entry Date Accounts Debit Credit Nov On Nov 11: Paid $125 freight charges to deliver goods to E. White. Journal Entry Date Accounts Debit Credit Nov Nov 13: Returned $400 of the merchandise purchased on November 4 and received a credit. Journal Entry Date Accounts Debit Credit Nov 13