The following transactions for Best Deal Tire Inc. occured during November:

The following transactions for Best Deal Tine, Inc, occurred during November (Click the icon to view the transactions) Requirement 1. Joumalze the transactions on the books of Best Deal Tire, incassuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entis) Nov 4: Purchased $5.500 of merchandise on account from Goodsale Tire Terms, 215, 45, FOB shipping point. Goodsale Tire prepaid the $150 shipping cost and added the amount to the invoin Journal Entry Accounts Nov Date Nov Nov 7: Purchased $300 of supplies on account from Bargain Depot Terma, 4/10, 30, FOB destination Journal Entry Accounts Data Debil T Credit Debit Requirements 1. Joumalize the transactions on the books of Best Deal Tre, Inc. assuming the he method is used What was Best Deal Tine, Inc.'s gross profit for the month of November? 2. Credit I Nov 9: Sold $1,400 (cost, $250) of merchandise on account to M. Turcotte. Terms, 3/15, n/45, FOB destination. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Nov Date Nov 9 Date Accounts Now journalize the cost of goods sold related to the sale of merchandise from November 9. Journal Entry 9 Dobit Accounts Credit Debit Credit Nov 11: Paid $95 freight charges to deliver goods to M. Turcotte. Journal Entry Nov Date Nov 11 Date Accounts Nov 13: Returned $1,000 of the merchandise purchased on November 4 and received a credit. Journal Entry 13 Debit Accounts Credit Debit Credit Nov 15: Sold $1,300 (cost, $200) of merchandise to cash customers. Begin by journalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Nov Date Nov 15 Date Accounts Now journalize the cost of goods sold related to the sale of merchandise from November 15. Journal Entry 15 Debit Accounts Credit Debit Credit Nov 16: Paid for the supplies purchased on November 7. Nov Date Nov 16 Date Journal Entry Nov 18: Paid Goodsale Tire the amount due from the November 4 purchase in full. Journal Entry 18 Accounts Debit Accounts Debit Credit Credit Nov 20: M. Turcotte returned $400 (cost, $240) of merchandise from the November 9 sale. Start by recording the receivable adjustment portion of the merchandise return. (Do not yet record the inventory adjustment related to the return. We will do this in Journal Entry Nov Date Nov 20 Date Accounts Now journalize the inventory adjustment portion of the merchandise return from November 20. Journal Entry 20 Debit Accounts Credit Debit Credit Nov 22: Purchased $2,800 of inventory. Paid cash. Journal Entry Nov Date Nov 22 Date Nov 23: Received payment in full from M. Turcotte for the November 9 sale. Journal Entry Accounts 23 Debit Accounts Debit Credit Credit Nov 30: The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $140. 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.) Journal Entry Nov Date Nov 30 Date Accounts Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goods estimated to be returned was $140. Journal Entry 30 Debit Accounts Credit Debit Credit Requirement 2. What was Best Deal Tire, 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. Gross profit - More info Nov 4 Purchased $5,500 of merchandise on account from Goodsale Tire. Terms, 2/15, n/45, FOB shipping point. Goodsale Tire prepaid the $150 shipping cost and added the amount to the invoice. 7 Purchased $300 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $1,400 (cost, $250) of merchandise on account to M. Turcotte. Terms, 3/15, n/45, FOB destination. 11 Paid $95 freight charges to deliver goods to M. Turcotte. 13 Returned $1,000 of the merchandise purchased on November 4 and received a credit. 15 Sold $1,300 (cost, $200) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Goodsale Tire the amount due from the November 4 purchase in full. 20 M. Turcotte returned $400 (cost, $240) of merchandise from the November 9 sale. 22 Purchased $2,800 of inventory. Paid cash. 23 Received payment in full from M. Turcotte for the November 9 sale. 30 The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $140. Print Done