1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Record entry View general journal Clear entry 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Record entry View general journal Clear entry 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. General Journal Debit Credit Date October 31 Record entry View general journal Clear entry 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of merchandise on account. Note: Enter debits before credits. General Journal Debit Credit Date October 31 Record entry View general journal Clear entry 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. General Journal Debit Credit Date October 31 Record entry View general journal Clear entry 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) 3.5 points James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. eBook Print Reference Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet