$9$

Required information

Problem $8-1($Static$)$ Various inventory transactions; journal entries $[$L$08-1,8-2,8-3]$

$[$The following information applies to the questions displayed below.$]$

Autumn Company began the month of October with inventory of $$15,000.$ The following inventory transactions occurred during the month:

a$.$ The company purchased inventory on account for $$22,000$ on October $12.$ Terms of the purchase were $\frac{2}{10},\frac{n}{30}.$ Autumn uses the net method to record purchases. The inventory was shipped f$.$o$.$b$.$ shipping point and freight charges of $$500$ were paid in cash.

b$.$ On October $31,$ Autumn paid for the inventory purchased on October $12.$

c$.$ During October inventory costing $$18,000$ was sold on account for $$28,000.$

d$.$ It was determined that inventory on hand at the end of October cost $$19,060.$

Problem $8-1($Static$)$ Part $1$

Required:

Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Answer is not complete.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$October $12,$Inventory,$21,560vv,],[,$Accounts payable,,$21,560],[2,$October $12,$Interest payable,$500,],[,$Cash,,$500$