a. The company purchased merchandise on account for $38,500 on October 12, 2018. Terms of the purc uses the net method to record purchases. The merchandise was shipped fo b. shipping point and freight charges of $610 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October, merchandise costing $19,650 was sold on account for $30,200. d. It was determined that inventory on hand at the end of October cost $44,305 Required: 1. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including 2. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. Complete this question by entering your answers in the tabs below c inventory system, prepare journal entries for the above s including the uses a adjusting entry at the end of October to record cost of goods sold. (If no entry is required for a transaction/event, selest edleWindows FB 8 9 5 6 Help Save&Exit Submit Check my work James Company began the month of October with inventory of $26,000. The following inventory transactions occured during the month: a. The company purchased merchandise on account for $38,500 on October 12, 2018. Terms of the purchase were 3/10, n/30 James uses the net method to record purchases. The merchandise was shipped fo b. shipping point and freight charges of $610 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October, merchandise costing $19,650 was sold on account for $30.200 d. It was determined that inventory on hand at the end of October cost $44.305 ces Requirec 1. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold 2. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions Complete this question by entering your answers in the tabs below. 40, 5 Next > Prey