Check my Required information (The following information applies to the questions displayed below) James Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.ob. shipping point and freight charges of $520 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. 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.) Required information MISTER Saved Required information The merchandise was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Clear entry Record entry View general Journal Required information