please help,,, try to answer in text form please Nov 4Purchased $5,100 of merchandise on account from Salem Tire. Terms, 2/15, n/45, FOB shipping point. Salem Tireprepaid the $75 shipping cost and added the amount to the invoice.7Purchased $100 of supplies on account from Staples Depot. Terms, 2/10, n/30, FOB destination.Sold $1,100 (cost, $400) of merchandise on account to D. Fraser. Terms, 3/15, n/45, FOB destination.911 Paid $50 freight charges to deliver goods to D. Fraser.13 Returned $1,300 of the merchandise purchased on November 4 and received a credit.15 Sold $1,500 (cost, $200) of merchandise to cash customers.16Paid for the supplies purchased on November 7.18 Paid Salem Tire the amount due from the November 4 purchase in full.20 D. Fraser returned $400 (cost, $200) of merchandise from the November 9 sale.22Purchased $3,500 of inventory. Paid cash.23Received payment in full from D. Fraser for the November 9 sale.30The refund liability for the month of November was estimated to be $200. The cost of goods estimated to bereturned was $80.Requirements1. Journalize the transactions on the books of Liberty Tire, Inc. assuming the "net" methodis used.2. What was Liberty Tire, Inc.'s gross profit for the month of November?

Journal entry records the accounting transactions of a business in a journal book. All the business…

Answered: Nov 4 7 9 11 Purchased $5,100 of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount period. What is the amount of sales from the above transactions? a.$24,990 b.$26,010 c.$25,500 d.$16,000
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