Requirement 1. Journalize the transactions on the books of Bestbuy Tire Inc. assuming the?"net" method is used. ?(Record debits?first, then credits. Exclude explanations from any journal?entries.)

The following transactions for Bestbuy Tire, Inc., occurred during November: Requirements i (Click the icon to view the transactions.) 1. Journalize the transactions on the books of Bestbuy Tire, Inc. assuming the "net" method is used. 2 . What was Bestbuy Tire, Inc.'s gross profit for the month of November? Requirement 1. Journalize the transactions on the books of Bestbuy Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $5,500 of merchandise on account from Firerock Tire. Terms, 3/15, n/45, FOB shipping point. Firerock Tire prepaid the $250 shipping cost and added the amount to the invoice. Journal Entry Date i More Info X Nov Inventor Account Nov 4 Purchased $5,500 of merchandise on account from Firerock Tire. Terms, 3/15, n/45, FOB shipping point. Firerock Tire prepaid the $250 shipping cost and added the amount to the invoice Purchased $300 of supplies on account from Bargain Depot. Terms, 3/10, n/30, FOB destination. Nov 7: Purchased $300 of 9 Sold $1,300 (cost, $500) of merchandise on account to L. Simpson. Terms, 4/15, n/45, FOB destination. 11 Paid $65 freight charges to deliver goods to L. Simpson. 13 Returned $500 of the merchandise purchased on November 4 and received a credit. Date 15 Sold $650 (cost, $450) of merchandise to cash customers. 6 Paid for the supplies purchased on November 7. Nov 7 Supplies 18 Paid Firerock Tire the amount due from the November 4 purchase in full. Account 20 L. Simpson returned $400 (cost, $240) of merchandise from the November 9 sale. 22 Purchased $4,800 of inventory. Paid cash. 23 Received payment in full from L. Simpson for the November 9 sale. 30 The refund liability for the month of November was estimated to be $240. The cost of goods estimated to be returned was $120. Nov 9: Sold $1,300 (cost, Begin by journalizing the r Print Done Date Accounts Debit Credit Nov 9 Accounts receivable 1300 Sales revenue 1300 Now journalize the cost of goods sold related to the sale of merchandise from November 9. Choose from any list or enter any number in the input fields and then continue to the next