Check my work James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $22,000 on October 12, 2018. Terms of the purchase were 2/10, n/30. James 10 points uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $500 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October, merchandise costing $18,000 was sold on account for $28,000. d. It was determined that inventory on hand at the end of October cost $19,060 Skipped eBookRequired: 1. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions Print Complete this question by entering your answers in the tabs below References