The following transactions for Liberty Tre, Inc, occurred during November Click the icon to view the transactions Requirements 1. Journalize the transactions on the books of Liberty Tine, Inc. assuming the "net" method is used 2. What was Liberty Tre, Inc.'s gross profit for the month of November? Requirement 1. Joumalize the transactions on the books of Libety Tire Inc. assuming the net" method is used Record debts first, then credits Exclude explanations from any ouma entries. Now : Purchased 55 400 of merchandise on account from Peter's Tire Terms, 315, 145, FOB shipping point. Peters Tire prepaid the $200 shipping cost and added the amount to the invoice Journal Entry Accounts Date Debit Tov Nov 7. Purchased $300 af supplies an account from Bargain Depot. Terms 4/10, 1/30 FOB destination Journal Entry Accounts Debit Credit Nov 9: Sold 51,700 (cast, 5425) of merchandise on account to E. Beavens. Termas, 2/15, 145, FOB destination Begin by joumalizing the revenue 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 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