The following transactions for Brown's Tire, Inc. occurred during November Click the icon to view the transactions) Requirements 1. Jumalize the transactions on the books of Brown's TireInc. suming the net method is used 2. What was Brown's Tre, Inc.'s gross profit for the month of November? Requirement 1. Journalize the transactions on the book of Brown's Tire Incassuming the per method is used (Record debita foot, then credits Exclude explanations from any journal entries.) Now & Purchased $6.900 of merchandise on account from Salem Tire Terme, 4/15, N46. POS shipping pont Salem Tire prepaid the $300 shipping cost and asood the amount to the invoice Journal Entry Date Accounts Debit Credit Nay Nov 7: Pachased $100 of supplies on account from Otto Depot Tema 1/10.30. FOB destination Journal Entry Date Accounts Daba Cred NOM 7 Nov 9. Sold $900 (cos, 5175) of merchandise on account to Right. Tema 31545, FOB destination The following transactions for Brown's Tire, Inc. occurred during November Click the icon to view the transaction) Requirements 1. Jumalize the transactions on the books of Brown's Tire Incassuming the net memod sused 2. What was Brown's Tire, c's gross profit for the month of November? Nov 9 Sold 9900 (cost, 5175) of merchandise on account to A Right Terms 3/15, 1/45, FOB destination Begin by joumalizing the revenue from the sale of merchandise. (Do not yet record the cost related to the sole We will do this in the next journal entry) Journal Entry Accounts Data Debit Credit Now journalize the cost of goods sold related to the sale of mechandise from November Journal Entry Date Accounts Debit Credit NSV Nov 11: Pad 5100 freight charges to deliver goods to A Right The following transactions for Brown's Tire, Inc. occurred during November (Click the icon to view the transactions.) Requirements 1. Journalize the transactions on the books of Brown's Tire, Inc. assuming the ret method is used 2. What was Browie Treino gross profit for the month of November Nov 11: Paid $100 freight charges to deliver goods to A Right Journal Entry Date Accounts Debit Credit Nov 11 Nov 13. Retumad $1,000 of the merchandise purchased on November 4 and received a credit Journal Entry Date Accounts Debit Credit Nov 15 Nov 15. Sold 5850 (cont, $400) of merchandise to cash customers Begin by yumaling the revenue from the sale of merchandise (Do not yet record the cost related to theseWe will do this in the next journal entry The following transactions for Brown's Tire Ine., occurred during November Requirements (Click the icon to view the transactions) 1. Joumalize the transactions on the books of Brow's Tire, the assuming treat metod is used 2 What was Brown's Tire, Inc 's gross profit for the month of November Nov 15. Sold $850 (col5400) of merchandise to cash customers Begin by joumalizing the revenue from the sale of meerchandise. (Do not yet record the cost related to the sale. We will do tha an ne next journal entry) Journal Entry Date Accounts Debit Credit Nov 15 Now journalize the cost of goods sold related to the sale of merchandise from November 15 Journal Entry Accounts Date Debe Credit Now 15 Nov 16 Paid for the supplies purchased on November 7 Journal Entry The following transactions for Brown's The Inc. occurred during November (Click the icon to view the transactions) Requirements 1. Journal there transactions on the books of Brown's Tire, resuming the nat method is used 2 What was Brown's Tire, Inc.'s gross profit for the month of November Nov 16 Paid for the supplies purchased on November Journal Entry Date Accounts Debit Credit Nov 16 Nov 18 Pad Salem Ture the amount due from the November 4 purchase in Journal Entry Bale Accounts Debit Nov 18 Credit Nov 20 A Right returned $300 (coal $150) of merchandise from the November Start by recording the receivable adjustment portion of the merchandise rebum. (Do not yet record the inventory adjustment to the retum. We will do is in the naturalny) The following transactions for Brown's Tire, Inc. occurred during November Click the icon to view the transactions) Requirements 1. Jomalize the transactions on the books of Brown's Traine, assuming the rethod is used 2 What was Brown's Traine's gross gode for the month of November Start by recording the receivable adjustment portion of the merchandise return (Do not yet record the vectory adjustment related to the tun. We will do this in the rest youmal entry) Journal Entry Credit Dato Accounts Debat Now 20 Now journalice the inventory industment portion of the merchandise return from November 20 Journal Entry Accounts Date Debit Credit Now 20 Nov 22 Purchased $2,100 of inventory Pad cash Journal Entry The folowing transactions for Brown's Tire, Inc. occurred during November Click the icon to view the transactions) Requirements 1. Joumaline the transactions on the books of Brown's Thing, assuming the nur method is used 2. What was Brown's Treino gross profit for the month of November Nov 22: Purchased $2.100 of inventory Paid cash Journal Entry Date Accounts Nov 22 Debit Credit Nov 23 Received payment in till from A. Right for the November sale Journal Entry Date Account Debit Now 23 Credit Nov 30: The refundabaty for the month of November was estimated to be 5220 The cost of goods estimated to be returned was $152 Begin by journaling the ability portion of the entry. (Do not yet record the asset portion of the entry we will do that in the blowing up The following transactions for Brown's Tre, Inc., occurred during November Click the icon to view the transactions.) Requirements 1. Journalize the transactions on the books of Brown's Tire, Inc. assuming the ret method is used 2 What was Brown's Tire, Inc.'s gross profit for the month of November? Nov 30: The refund liability for the month of November was estimated to be $220. The cost of goods estimated to be returned was $132 Bogin by journalizing the tabilny portion of the entry (Do not yet record the asset portion of the entry. We will do that in the following shop) Journal Entry Accounts Debit Credit Nov 30 Date Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goodis estimated to be returned was $132. Journal Entry Accounts Date Debat Credit Nov 30 Requirement 2 What was Brown's Tire, Inc.'s gross profit for the month of November? The following transactions for Brown's Tire, Inc., occurred during November (Click the icon to view the transactions) Requirem 1. Journ 2. What wury Date Accounts Debit Credit Nov 30 Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goods estimated to be return Journal Entry Accounts Date Debit Credit Nov 30 Requirement 2. What was Brown's 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 $5,900 of merchandise on account from Salem Tire. Terms, 4/15, n/45, FOB shipping point. Salem Tire prepaid the $300 shipping cost and added the amount to the invoice. 7 Purchased $100 of supplies on account from Office Depot. Terms, 1/10,n/30, FOB destination 9 Sold $900 (cost, $175) of merchandise on account to A. Right. Terms, 3/15, n/45, FOB destination. 11 Pald $100 freight charges to deliver goods to A. Right 13 Returned $1,000 of the merchandise purchased on November 4 and received a credit. 15 Sold $850 (cost, $400) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Salem Tire the amount due from the November 4 purchase in full. 20 A. Right returned $300 (cost, $150) of merchandise from the November 9 sale. 22 Purchased $2,100 of inventory. Paid cash. 23 Received payment in full from A. Right for the November 9 sale. 30 The refund liability for the month of November was estimated to be $220. The cost of goods estimated to be returned was $132 Print Done