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Homework: SLO Project Score: 0.58 of 10 pts P4-41A (similar to) 4 of 6 (6 complete) The following transactions for Best Deal Tire, Inc., occurred during November Click the icon to view the transactions.) Requirements 1. Journalize the transactions on the books of Best Deal Tire, Inc. assuming the "net" method is used. 2. What was Best Deal Tire, Inc.'s gross profit for the month of November? - X Requirement 1. Journalize the transactions on the books of Best Deal Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $5,400 of merchandise on account from Westcoast Tire. Terms, 2/15, n/45, FOB shipping point. Westcoast Tire prepaid the $450 shipping cost and added the amount to the invoice. Journal Entry Date Accounts Debit More Info Credit Nov 4 Inventory Accounts payable Nov 4 Purchased $5,400 of merchandise on account from Westcoast Tire. Terms, 2/15, n/45, FOB shipping point. Westcoast Tire prepaid the $450 shipping cost and added the amount to the invoice 7 Purchased $400 of supplies on account from Office Buys. Terms, 1/10,n/30, FOB destination. 9 Sold $900 (cost, $400) of merchandise on account to E. Beavens. Terms, 2/15, n/46, FOB destination Nov 7: Purchased $400 of supplies on account from Office Buys. Terms, 1/10, 1/30, FOB destination. 11 Paid $85 freight charges to deliver goods to E. Beavens. 13 Returned $1,000 of the merchandise purchased on November 4 and received a credit. Journal Entry 15 Sold $1,050 (cost, $225) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7 Date Accounts Debit Credit 18 Paid Westcoast Tire the amount due from the November 4 purchase in full 20 E. Beavens returned $700 (cost, $350) of merchandise from the November sale 22 Purchased $2.500 of inventory, Paid cash Received payment in full from E. Beavens for the November sale. 30 The refund liability for the month of November was estimated to be $230. The cost of goods estimated to be returned was $115 Nov Print Done Choose from any list or enter any number in the input fields and then click Check Answer 16 remaining Clear All

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