This Question: 20 pts 23 of 33 (24 complete) This Test: 140 pts possible TH NO i More Info RE th Nov 4 Purchased $5,200 of merchandise on account from Best Deal Tire. Terms, 3/15, n/45, FOB shipping point Best Deal Tire prepaid the $250 shipping cost and added the amount to the invoice 7 Purchased $500 of supplies on account from Office Maxx. Terms, 4/10, 1/30, FOB destination 9 Sold 51,100 (cost, $425) of merchandise on account to A. Right. Terms, 4/15, n/45, FOB destination 11 Paid $95 freight charges to deliver goods to A Right. 13 Returned $400 of the merchandise purchased on November 4 and received a credit. 15 Sold $1,550 (cost, $475) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7 18 Paid Best Deal Tire the amount due from the November 4 purchase in full. 20 A Right returned $300 (cost, $180) of merchandise from the November 9 sale 22 Purchased $3,500 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 $300. The cost of goods estimated to be returned was $120 2 ch Print Done The following transactions for Peter's Tire, Inc., occurred during Requirements November 1. Journalize the transactions on the books of Peter's Tire, Inc. Click the icon to view the transactions.) assuming the "net" method is used. 2. What was Peter's Tire, Inc.'s gross profit for the month of November? Requirement 1. Journalize the transactions on the books of Peter's Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4. Purchased $5,200 of merchandise on account from Best Deal Tire. Terms, 3/15, n/45. FOB shipping point. Best Deal Tire prepaid the $250 shipping cost and added the amount to the invoice Journal Entry Date Accounts Debit Credit Nov 4 Choose from any list or enter any number in the input fields and then continue to the next question Nov 7: Purchased $500 of supplies on account from Office Max. Terms, 4/10, n/30, FOB destination Journal Entry Date Accounts Debit Credit Posebit Nov 7 Choose from any list or enter any number in the input fields and then continue to the next question Nov 9: Sold S1,100 (cost, $425) of merchandise on account to A. Right. Terms, 4/15, 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 Date Accounts Credit Bebit Nov 9 Now journalize the cost of goods sold related to the sale of merchandise from November 9. Journal Entry Date Accounts Debit Credit Nov 9 Nov 11: Paid $95 freight charges to deliver goods to A. Right Journal Entry Date Accounts Debit Credit Nov 11 Nov 13. Returned $400 of the merchandise purchased on November 4 and received a credit Journal Entry Date Accounts Debit Credit Nov 13 Nov 15: Sold $1,550 (cost, $475) 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 Date Accounts Debit Credit Nov 15 Choose from any list or enter any number in the input fields and then continue to the next question Now journalize the cost of goods sold related to the sale of merchandise from November 15. Journal Entry Date Accounts Debit Credit Nov 15 Nov 16: Paid for the supplies purchased on November 7 Journal Entry Date Accounts Debit Credit Nov 16 Nov 18 Paid Best Deal Tire the amount due from the November 4 purchase in full Journal Entry Accounts Date Debit Credit Nov 18 Nov 20: A. Right returned $300 (cost, $180) 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 the next journal entry) Journal Entry Date Accounts Debit Credit Nov 20 ho Now journalize the inventory adjustment portion of the merchandise return from November 20, Journal Entry Accounts Date Debit Credit Nov 20 Nov 22: Purchased $3,500 of inventory. Paid cash Journal Entry Date Accounts Nov 22 Debit Credit Nov 23: Received payment in full from A. Right for the November 9 sale. Journal Entry Accounts Date Debit Credit Nov 23 Nov 30: The refund liability for the month of November was estimated to be $300. The cost of goods estimated to be returned was $120 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 Date Debit Credit Nov 30 Accounts Now journalize the asset adjustment portion of the estimated returns transaction: The cost of goods estimated to be returned was $120 Journal Entry Date Accounts Debit Credit Nov 30 Requirement 2. What was Peter'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