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1.The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases

2.The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash.

3.On October 31, James paid for the merchandise purchased on October 12.

4.Record the sale of merchandise on account.

5.Record the cost of goods sold.

6.Record any necessary adjusting entry when the inventory on hand at the end of October cost $59,145.

! 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.) James Company began the month of October with inventory of $32,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $20,550 was sold on account for $31,400. d. It was determined that inventory on hand at the end of October cost $59,145. Problem 8-1 (Algo) Part 2 2. Assuming that the James Company uses a periodic inventory system, prep journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 October 12 47,025 Purchases Accounts payable 47,025 2 October 12 670 Freight-in Cash 670 3 October 31 Accounts payable Interest expense 47,025 475 Cash 47,500 4 October 31 Accounts receivable 31,400 Sales revenue 31,400 5 October 31 No journal entry required > 6 October 31 20,550 54,445 X Cost of goods sold Inventory (ending) Purchases Inventory (beginning) 47,695 27,300