Check Your Work-Google Chrome education.com/hm.tpx James Company began the month of October with inventory of $22,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $32,500 on October 12, 2016. Terms o the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped tob. shipping point and freight charges of $570 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $19,050 was sold on account for $29,400 d. It was determined that inventory on hand at the end of October cost $35,370 Required 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 tor no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Debit 1 Purchases 2016 31,850 Accounts payable 31,850 2016 reight-in 570 Cash 570 October 31, Accounts payable 2016 O 31,850 650 Interest expense Cash 32,500 Accounts recelvable O 29.400 2016 Sales revenue 29,400 Cost of goods sold Inventory (ending) 3 19,050 I 35.370 Inventory (beginning) Purchases Freight-in 22,000 31,850 570 03 )