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The following transactions for Quality Tire, Inc., occurred Requirements during November: 1. Journalize the transactions on the books of (Click the icon to view the transactions.) Quality Tire, Inc. assuming the "net" method is used. 2. What was Quality Tire, Inc.'s gross profit for the month of Nnvemher? Requirement 1. Journalize the transactions on the books of Quality Tire, Inc. assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries.) Nov 4: Purchased $5,600 of merchandise on account from Tri - States Tire. Terms, 2/15, n/45, FOB shipping point. Tri - States Tire prepaid the $650 shipping cost and added the amount to the invoice. Nov 4 Purchased $5,600 of merchandise on account from Tri - States Tire. Terms, 2/15, n/45, FOB shipping point. Tri - States Tire prepaid the $650 shipping cost and added the amount to the invoice. 7 Purchased $475 of supplies on account from Office Express. Terms, 4/10, n/30, FOB destination. 9 Sold $4,200 (cost, $2,520 ) of merchandise on account to M. Ekins. Terms, 3/15, n/45, FOB destination. 11 Paid $45 freight charges to deliver goods to M. Ekins. 13 Returned $900 of the merchandise purchased on November 4 and received a credit. 15 Sold $1,540 (cost, $925 ) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Tri - States Tire the amount due from the November 4 purchase in full. 20 M. Ekins returned $200 (cost, $115 ) of merchandise from the November 9 sale. 22 Purchased $3,900 of inventory. Paid cash. 23 Received payment in full from M. Ekins for the November 9 sale. 30 The refund liability for the month of November was estimated to be $255. The cost of goods estimated to be returned was $150

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