This Question: 11 pts The following transactions for Liberty Tire, Inc., occurred during June: (Click the icon to view the transacdtions) Requirements 1. Journalize the transactions on the books of Liberty Tire, Inc. 2. What was Liberty Tire, Inc.'s gross profit for the month of June? Jun 4: Purchased $5,900 of merchandise on account from Bargain Tire. Terms, 3/15, n/45, FOB shipping point. Bargain Tire prep added the amount to the invoice. Journal Entry Date Accounts Debit Credit 4 Inventory 5900 Accounts payable Jun 7: Purchased $425 of supplies on account from Best Supplies. Terms, 41/10, n/30, FOB destination. Journal Entry Date Debit Credit un 9: Sold S 1.400 (cost, S400) of merchandise on account to w. Furmick. 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 Journal Entry Date Accounts Debit Credit Jun 9. Sold $1,400 (cost, $400) of merchandise on account to W. Furmick Terms, 3/15, n/45, FOB destination. Now journalize the cost of goods sold related to the sale of merchandise. Journal Entry Date Accounts Jun Debit Credit This Question: 11 pts The following transactions for Liberty Tire, Inc., occurred during June: (Click the icon to view the transacdtions) Requirements 1. Journalize the transactions on the books of Liberty Tire, Inc. 2. What was Liberty Tire, Inc.'s gross profit for the month of June? Jun 4: Purchased $5,900 of merchandise on account from Bargain Tire. Terms, 3/15, n/45, FOB shipping point. Bargain Tire prep added the amount to the invoice. Journal Entry Date Accounts Debit Credit 4 Inventory 5900 Accounts payable Jun 7: Purchased $425 of supplies on account from Best Supplies. Terms, 41/10, n/30, FOB destination. Journal Entry Date Debit Credit un 9: Sold S 1.400 (cost, S400) of merchandise on account to w. Furmick. 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 Journal Entry Date Accounts Debit Credit Jun 9. Sold $1,400 (cost, $400) of merchandise on account to W. Furmick Terms, 3/15, n/45, FOB destination. Now journalize the cost of goods sold related to the sale of merchandise. Journal Entry Date Accounts Jun Debit Credit