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2. What was Liberty Tire, Inc.'s gross profit for the month of November? Requirement 1. Journalize the transactions on the books of Liberty Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $5,200 of merchandise on account from Bestbuy Tire. Terms, 2/15. n/45, FOB shipping point Bestbuy Tire prepaid the $250 shipping cost and added the amount to the invoice. Journal Entry Date More Info Accounts Debit Credit Nov 4 Inventory Accounts payable Nov 7: Purchased $100 of supplies on account from Office Maxx Terms, 2/10, n/30, FOB destination Journal Entry Nov 4 Purchased $5,200 of merchandise on account from Bestbuy Tire. Terms, 2/15, n/45, FOB shipping point. Bestbuy Tire prepaid the $250 shipping cost and added the amount to the invoice 7 Purchased $100 of supplies on account from Office Maxx. Terms, 2/10, n/30, FOB destination 9 Sold $1,700 (cost, $500) of merchandise on account to P Haskins. Terms, 4/15, n/45, FOB destination. 11 Paid $50 freight charges to deliver goods to P. Haskins. 13 Returned $800 of the merchandise purchased on November 4 and received a credit 15 Sold $840 (cost, $425) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7 18 Paid Bestbuy Tire the amount due from the November 4 purchase in full. 20 P. Haskins returned $500 (cost, $250) of merchandise from the November 9 sale. 22 Purchased $2,500 of inventory. Paid cash. 23 Received payment in full from P. Haskins for the November 9 sale. 30 The refund liability for the month of November was estimated to be $200. The cost of goods estimated to be returned was $80. Date Accounts Debit Credit Nov 7 Supplies Accounts payable Print Done Choose from any list or enter any number in the input fields and then continue to the next