16 points re the journal entries to record the following transactions for James Enterprises, diot i invices are ume James uses a perpetual inventory system records sales at gross and offers a 2 % cash discount if invoices are Ass paid within 10 days October 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 6%. October 29 Sold inventory to Walt Company for $50,000 Gross margin for the inventory is 40% November 6 Reecived payment from Walt Company for the Oetober 29 invoice December 31 Using the indireet method, reduce inventory values by S6000 in accordanee with valuation. December 31 Make any other adjusting entries required by these transactions, if any are necessary