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Nov 16: Paid for the supplies purchased on November 7. Nov 18; Paid Bargain Tire the amount due from the November 4 purchase in tull. Nov 20: P. Haskins returned $700 (cost, $950 ) of merchandise from the November 9 sale. Nov 9: Soid $1,600 (cost, \$425) of merchandise on account to P. Haskins. Terms, 1/15,n/45, FOB destination. Begin by joumalizing the revenue from the sale of merchandise. (Do not yet record the cost rnlated to the sale. We wal do this in the next foumal entry) Now joumalize the cost of goods sold rolated to the sale of merchandise from November 9 . Nov 11: Paid $25 freight charpes to delver gcods to P. Haskins Nov 15: Sold \$1,550 (cost, \$275) of merchandise to cash customers. Begin by joumalczing the revenue from the sale of morchandiso. (Do not yot fecord the cost related to the sale. We will do this in the next journal entry) Now journalize the cost of goods soid related to the sa'e of merchandise from November 15. Nov 16: Paid for the supplies purchased on Novernber 7. Nov 20: P. Haskins returned $700 (cost, $350 ) of merchandise from the November 9 sale. Start by recording the recivable adjustment portion of the merchandise retum. (Do not yet record the inventary adjustmant reisted to the return. Wo wili do this in the next joumal entry) Now joumalize the inventory adjustment porton of the merchandise retum from November 20. Nov 22 - Purchased $2,100 of inventory Pad cash. More info Nov 4 Purchased $5,700 of merchandise on account from Bargain Tire. Terms, 2/15,n/45, FOB shipping point. Bargain Tire prepaid the $450 shipping cost and added the amount to the invoice. 7 Purchased $300 of supplies on account from Paper Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $1,600 (cost, $425 ) of merchandise on account to P. Haskins. Terms, 1/15, n/45, FOB destination. 11 Paid $25 freight charges to deliver goods to P. Haskins. 13 Returned $1,300 of the merchandise purchased on November 4 and received a credit. 15 Sold $1,550 (cost, \$275) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Bargain Tire the amount due from the November 4 purchase in full. 20 P. Haskins returned $700 (cost, $350 ) of merchandise from the November 9 sale. 22 Purchased $2,100 of inventory. Paid cash. 23 Recelved payment in full from P. Haskins for the November 9 sale. 30 The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be returned was $145. Nov 11: Paid $25 freight charges to deliver goods to P. Haskins. Nov 13: Retumed \$1,300 of the merchandise purchased on November 4 and received a credit. Nov 15: Sold \$1, 550 (cost, \$275) of merchandise to cash customers. Begin by journalizing the revenue from the sale of merchandise. (Do not yot record the cost related to the sale. We will do this in the next journal entry) Nov 22: Purchased $2,100 of inventory. Paid cash. Nov 23: Received payment in full from P. Haskins for the November 9 sale. Nov 30: The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be retumed was $145. Begin by journalizing the liability portion of the entry. (Do not yet record the asset portion of the entry. We will do that in the following step.) Nov 30: The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be returned was $145. Begin by journalizing the liability portion of the entry. (Do not yot record the asset portion of the entry. We will do that in the following step.) Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goods estimated to be roturned was $145. Requirement 2. What was Best Deal Tiro, Inc.'s gross profit for the month of November? Begin by selecting the formula, and then enter the amounts to determine gross profit for the month. The following transactions for Beot Des/ Tre, ine, occured during November: [Click the icon to view the bransactions] Requirements 1. Joumalice the fransactions on the books of Best Deal Tire, Inc. assuming the "ner method is used. 2. What was Best Deal Tire, Ine.'s gross proft for the month of Novenber? Nov 7. Purchased 5300 of supples on acoount from Paper Depot Terms, 410, w30, FoB cestinston. Nove Sold $1,600 (cost, 5425) of merchandse on acoount to P. Haskins. Terms, 1115, n44, FOB destination. Begin by purnalzing the revente from the sale of merchandise. (Do not yet record the cout rolated to the sale. We will to this in the naxt journal entry) Nov 16: Paid for the supplies purchased on November 7. Nov 18; Paid Bargain Tire the amount due from the November 4 purchase in tull. Nov 20: P. Haskins returned $700 (cost, $950 ) of merchandise from the November 9 sale. Nov 9: Soid $1,600 (cost, \$425) of merchandise on account to P. Haskins. Terms, 1/15,n/45, FOB destination. Begin by joumalizing the revenue from the sale of merchandise. (Do not yet record the cost rnlated to the sale. We wal do this in the next foumal entry) Now joumalize the cost of goods sold rolated to the sale of merchandise from November 9 . Nov 11: Paid $25 freight charpes to delver gcods to P. Haskins Nov 15: Sold \$1,550 (cost, \$275) of merchandise to cash customers. Begin by joumalczing the revenue from the sale of morchandiso. (Do not yot fecord the cost related to the sale. We will do this in the next journal entry) Now journalize the cost of goods soid related to the sa'e of merchandise from November 15. Nov 16: Paid for the supplies purchased on Novernber 7. Nov 20: P. Haskins returned $700 (cost, $350 ) of merchandise from the November 9 sale. Start by recording the recivable adjustment portion of the merchandise retum. (Do not yet record the inventary adjustmant reisted to the return. Wo wili do this in the next joumal entry) Now joumalize the inventory adjustment porton of the merchandise retum from November 20. Nov 22 - Purchased $2,100 of inventory Pad cash. More info Nov 4 Purchased $5,700 of merchandise on account from Bargain Tire. Terms, 2/15,n/45, FOB shipping point. Bargain Tire prepaid the $450 shipping cost and added the amount to the invoice. 7 Purchased $300 of supplies on account from Paper Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $1,600 (cost, $425 ) of merchandise on account to P. Haskins. Terms, 1/15, n/45, FOB destination. 11 Paid $25 freight charges to deliver goods to P. Haskins. 13 Returned $1,300 of the merchandise purchased on November 4 and received a credit. 15 Sold $1,550 (cost, \$275) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Bargain Tire the amount due from the November 4 purchase in full. 20 P. Haskins returned $700 (cost, $350 ) of merchandise from the November 9 sale. 22 Purchased $2,100 of inventory. Paid cash. 23 Recelved payment in full from P. Haskins for the November 9 sale. 30 The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be returned was $145. Nov 11: Paid $25 freight charges to deliver goods to P. Haskins. Nov 13: Retumed \$1,300 of the merchandise purchased on November 4 and received a credit. Nov 15: Sold \$1, 550 (cost, \$275) of merchandise to cash customers. Begin by journalizing the revenue from the sale of merchandise. (Do not yot record the cost related to the sale. We will do this in the next journal entry) Nov 22: Purchased $2,100 of inventory. Paid cash. Nov 23: Received payment in full from P. Haskins for the November 9 sale. Nov 30: The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be retumed was $145. Begin by journalizing the liability portion of the entry. (Do not yet record the asset portion of the entry. We will do that in the following step.) Nov 30: The refund liability for the month of November was estimated to be $290. The cost of goods estimated to be returned was $145. Begin by journalizing the liability portion of the entry. (Do not yot record the asset portion of the entry. We will do that in the following step.) Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goods estimated to be roturned was $145. Requirement 2. What was Best Deal Tiro, Inc.'s gross profit for the month of November? Begin by selecting the formula, and then enter the amounts to determine gross profit for the month. The following transactions for Beot Des/ Tre, ine, occured during November: [Click the icon to view the bransactions] Requirements 1. Joumalice the fransactions on the books of Best Deal Tire, Inc. assuming the "ner method is used. 2. What was Best Deal Tire, Ine.'s gross proft for the month of Novenber? Nov 7. Purchased 5300 of supples on acoount from Paper Depot Terms, 410, w30, FoB cestinston. Nove Sold $1,600 (cost, 5425) of merchandse on acoount to P. Haskins. Terms, 1115, n44, FOB destination. Begin by purnalzing the revente from the sale of merchandise. (Do not yet record the cout rolated to the sale. We will to this in the naxt journal entry)