Nov 4 Purchased $5,900 of merchandise on account from Tire Warehouse. Terms, 3/15, n/45, FOB shipping...
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Nov 4 Purchased $5,900 of merchandise on account from Tire Warehouse. Terms, 3/15, n/45, FOB shipping point. Tire Warehouse prepaid the $50 shipping cost and added the amount to the invoice. 7 Purchased $600 of supplies on account from Office Maxx. Terms, 1/10, n/30, FOB destination. 9 Sold $1,200 (cost, $450) of merchandise on account to T. Thompson. Terms, 2/15, n/45, FOB destination. 11 Paid $65 freight charges to deliver goods to T. Thompson. 13 Returned $1,000 of the merchandise purchased on November 4 and received a credit. 15 Sold $650 (cost, $425) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Tire Warehouse the amount due from the November 4 purchase in full. 20 T. Thompson returned $500 (cost, $250) of merchandise from the November 9 sale. 22 Purchased $4,100 of inventory. Paid cash. 23 Received payment in full from T. Thompson for the November 9 sale. 30 The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $168. Requirements 1. Journalize the transactions on the books of Tireboyz Tire, Inc. assuming the "net" method is used. 2. What was Tireboyz Tire, Inc.'s gross profit for the month of November? Nov 4 Purchased $5,900 of merchandise on account from Tire Warehouse. Terms, 3/15, n/45, FOB shipping point. Tire Warehouse prepaid the $50 shipping cost and added the amount to the invoice. 7 Purchased $600 of supplies on account from Office Maxx. Terms, 1/10, n/30, FOB destination. 9 Sold $1,200 (cost, $450) of merchandise on account to T. Thompson. Terms, 2/15, n/45, FOB destination. 11 Paid $65 freight charges to deliver goods to T. Thompson. 13 Returned $1,000 of the merchandise purchased on November 4 and received a credit. 15 Sold $650 (cost, $425) of merchandise to cash customers. 16 Paid for the supplies purchased on November 7. 18 Paid Tire Warehouse the amount due from the November 4 purchase in full. 20 T. Thompson returned $500 (cost, $250) of merchandise from the November 9 sale. 22 Purchased $4,100 of inventory. Paid cash. 23 Received payment in full from T. Thompson for the November 9 sale. 30 The refund liability for the month of November was estimated to be $280. The cost of goods estimated to be returned was $168. Requirements 1. Journalize the transactions on the books of Tireboyz Tire, Inc. assuming the "net" method is used. 2. What was Tireboyz Tire, Inc.'s gross profit for the month of November?
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