C. Sant CommeChes.com PCound- Tudor Wire Pwyl Accounting we Pigs Rey nment #1 (Due 11/1) Saved James Company began the month of October with inventory of $16,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $23.500 on October 12. Terms of the purchase were 2/10,n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $510 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,150 was sold on account for $28,200. d. It was determined that inventory on hand at the end of October cost $21,390 Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 5 > Record the cost of goods sold. Enter debits General Journal Debit Date Oddbor 31