The following transactions for Bargdin Tre, he, ocoumed during Novenber. Requirements (6) (Cich the icon to vew the Iransactiont) 1. Joumalize the transactens on the books of Baryain Tire, Inc. asuitng the tref method is ised Nov 9: Sold $1,600 (cost, $500 ) of merchandise on account to M. Turcotte. Terms, 3/15, n/45. FOB destination. Begin by joumalzing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We wil do this in the next journal entry. Now journalize the cost of goods sold related to the sile of merchandise from November 9 Nov 11: Paid $50 freight charges to deliver goods to M. Turcotte Nov 13: Retumed $500 of the merchandise purchased on November 4 and recoived a credt Nov 15: Sold $1,500( cost, \$225) of merchandise to cash customers Begin by joumalizing the revenue from the sale of merchandise. (Do not yet reoord the cost related to the sale. Wo wil do this in the next joumal entry.) Now joumalze the cost of goods sold related to the sale of merchandise from November 15 . Nov 16: Paid for the supplies purchased on November 7. Nov 18: Paid Westooast Tire the amount due from the November 4 purchase in full. Nov 20: M. Turcotie retumed $100 (cost, $60 ) of merchandise from the November 9 sale. Start by tecordiry the receivable adjustment portion of the merchandise retum. (Do not yet record the invenhory adjustment retated to the retum. We will do this in the nexd Now journalize the inventory adjustment portion of the merchandise return from November 20. Nov 22: Purchased $2,500 of inventory. Paid cash. Nov 23: Received payment in full from M. Turcotte for the November 9 sale. Nov 30: The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $112. Begin by journalizing the liability portion of the entry. (Do nol yet 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 retumed was $112. Requirement 2. What was Bargain Tire, Inc.'s gross profit for the month of November? Begin by selecting the formule, and then enter the amounts to determine gross profit for the month. The following transactions for Bargdin Tre, he, ocoumed during Novenber. Requirements (6) (Cich the icon to vew the Iransactiont) 1. Joumalize the transactens on the books of Baryain Tire, Inc. asuitng the tref method is ised Nov 9: Sold $1,600 (cost, $500 ) of merchandise on account to M. Turcotte. Terms, 3/15, n/45. FOB destination. Begin by joumalzing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We wil do this in the next journal entry. Now journalize the cost of goods sold related to the sile of merchandise from November 9 Nov 11: Paid $50 freight charges to deliver goods to M. Turcotte Nov 13: Retumed $500 of the merchandise purchased on November 4 and recoived a credt Nov 15: Sold $1,500( cost, \$225) of merchandise to cash customers Begin by joumalizing the revenue from the sale of merchandise. (Do not yet reoord the cost related to the sale. Wo wil do this in the next joumal entry.) Now joumalze the cost of goods sold related to the sale of merchandise from November 15 . Nov 16: Paid for the supplies purchased on November 7. Nov 18: Paid Westooast Tire the amount due from the November 4 purchase in full. Nov 20: M. Turcotie retumed $100 (cost, $60 ) of merchandise from the November 9 sale. Start by tecordiry the receivable adjustment portion of the merchandise retum. (Do not yet record the invenhory adjustment retated to the retum. We will do this in the nexd Now journalize the inventory adjustment portion of the merchandise return from November 20. Nov 22: Purchased $2,500 of inventory. Paid cash. Nov 23: Received payment in full from M. Turcotte for the November 9 sale. Nov 30: The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $112. Begin by journalizing the liability portion of the entry. (Do nol yet 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 retumed was $112. Requirement 2. What was Bargain Tire, Inc.'s gross profit for the month of November? Begin by selecting the formule, and then enter the amounts to determine gross profit for the month
