accounting

Required information Problem 8.1 (Algo) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayed below] Autumn Company began the month of October with inventory of $30,000. The following inventory transactions occurred during the month 0. The company purchased inventory on account for $44,500 on October 12 . Terms of the purchase were 2/10,n/30 Autumn uses the net method to record purchases. The inventory was shipped fo.b. shipping point and freight. charges of $650 were paid in cash b. On October 31, Autumn paid for the inventory purchased on October 12 c. During October inventory costing $20,250 was sold on account for $31,000 d. It was determined that inventory on hand at the end of October cost $54,010. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions Note: If no entry is required for o transoction/event, select "No joumol entry required" in the first account field. Journal entry worksheet The carnpary purchased inventory on account for $44,500 on october 12. farms of the purchase were 2/10,n/30, Autumo uses the net method to