The following transactions for Liberty Tire, Inc., accured during November (Click the icon to view the transactions Requirements 1. Journalize the transactions on the books of Liberty Tre, Int assuming the "net" method is used 2 What was Liberty Tire, Inc.'s gross profit for the month of November? Nor 15: Sold 5850 (cast, 5450) of merchandise to cash customers Begin by journalizing the venue from the sale of merchandise. Do not yet record the cost related to the sale. We will do this in the next joumal entry) Journal Entry Date Accounts Debit Credit No 150 Now jumalize the cost of goods sold related to the sale of merchandise tom November 15. Journal Entry Date Accounts Deter Credit Nov Nor 16: Paid for the supplies purchased on November 7 Journal Entry Date Accounts Delt Cred A More Info - X Nov 4 Purchased $5,400 of merchandise on account from Peter's Tire. Terms, 3/15, n/45, FOB shipping point. Peter's Tire prepaid the $200 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 $1,700 (cost, $425) of merchandise on account to E. Beavens. Terms, 2/15, n/45, FOB destination. 11 Paid $100 freight charges to deliver goods to E. Beavens. 13 Returned $500 of the merchandise purchased on November 4 and received a credit. 15 Sold $850 (cost, $450) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Peter's Tire the amount due from the November 4 purchase in full. 20 E. Beavens returned $800 (cost, $400) of merchandise from the November 9 sale. 22 Purchased $2,100 of inventory. Paid cash. 23 Received payment in full from E. Beavens for the November 9 sale. 30 The refund liability for the month of November was estimated to be $250. The cost of goods estimated to be returned was $100