116 points) Prepare the journal entries to record the following transactions for James Enterprises, Inc. Assume James uses a perpetual inventory system records sales at cross and offers a 2% cash discount if invoices are paid within 10 days. October 1 Loaned S16,000 to BenCo by accepting a non-interest bearing note from BenCo and transferring cash of S15,680 to BenCo. The note is due in 120 days from date of issue. The interest rate on this note is 6%. Sold inventory to Walt Company for $50,000 Gross margin for the inventory is 35% October 29 November 6 Received payment from Walt Company for the October 29 invoice. December 31 Using the indirect method, reduce inventory values by 56000 in accordance with LCM inventory valuation. December 31 Make any other adjusting entries required by these transactions, if any are necessary