Check my work 13 Required information [The following information applies to the questions displayed below) Part 1 of 2 0.44 points Swipped James Company began the month of October with inventory of $27000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $40,000 on October 12. Terms of the purchase were 110, n/30. James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight charges of $620 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $19.800 was sold on account for $30,400 d. It was determined that inventory on hand at the end of October cost $47420 References Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions (if ne entry is required for a transaction/event, select "No journal entry required in the first account field) 1 2. 4 5 6 > The company purchased merchandise on account for $40,000 on October 12. Terms of the purchase were 1/10, 1/30. James uses the net method to record purchases. Note: Enter debits before credits General Journal Date October 12 Debit Credit Record entry Clear entry View general journal 1 3 4 5 6 The merchandise was shipped f.o.b. shipping point and freight charges of $620 were paid in cash. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Record entry Clear entry View general Journal 13 Required information art 1 of 2 Record the cost of goods sold. sed Note: Enter debits before credits General Journal ances Debit Date October 31 Credit Required information Journal entry worksheet