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Question Help The following transactions for Quality Tire, Inc., occurred during November: Requirements (Click the icon to view the transactions.) 1. Journalize the transactions on the books of Quality Tire, Inc. assuming the "net method is used 2. What was Quality Tire, Inc.'s gross profit for the month of November? Requirement 1. Journalize the transactions on the books of Quality Tire, Inc assuming the "net" method is used. (Record detits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $5,600 of merchandise on account from Tri-States Tiro. Terms, 2/15, 145, FOB shipping point. Thi-States Tire prepaid the se50 shipping cost and added the amount to the invoice X More Info Nov 4 Purchased $5,600 of merchandise on account from Tri-States Tire. Terms, 2/15/45, FOB shipping point Tri-States Tire prepaid the $650 shipping cost and added the amount to the invoice 7 Purchased $475 of supplies on account from Office Express. Terms. 4/10, 1/30, FOB destination 9 Sold $4,200 (cost, $2,520) of merchandise on account to M Ekins. Terms, 3/15, 1/45, FOB destination 11 Paid $45 freight charges to deliver goods to M Ekins. 13 Returned $900 of the merchandise purchased on November 4 and received a credit 15 Sold $1,540 (cost, $925) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7 18 Paid Tri-States Tire the amount due from the November 4 purchase in full, 20 M Ekins returned $200 (cost, $115) of merchandise from the November 9 sale. 22 Purchased $3,900 of inventory. Paid cash 23 Received payment in full from M Ekins for the November 9 sale 30 The refund liability for the month of November was estimated to be $256. The cost of goods estimated to be returned was $150 Check