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Required information [The following information applies to the questions displayed below] James Company began the month of October with inventory of $19,000. The following inventory transactions occurre during the month a. The company purchased merchandise on account for $28,000 on October 12. Terms of the purchase were 3/10. n/ James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $540 were paid in cash b. On October 31. James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,600 was sold on account for $28,800. d. It was determined that inventory on hand at the end of October cost $28,100. Required: 1. Assuming that the James Company uses a perpetual inventory system prepare journal entries for the above transactions entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Credit 1 October 12 Purchases Accounts payable 2 October 12 Freight in Cash 3 October 31 Accounts payable Purchase discounts lost Cash LO8-1, LO8-2, LO8-3 L08-4, L08-8) Required information View transaction list View journal entry worksheet Debit No Credit General Journal Date 1 October 12 Purchases Accounts payable 2 2 October 12 Freight-in Cash 3 October 31 Accounts payable Purchase discounts lost Cash 4 October 31 Accounts receivable Sales revenue 5 October 31 Inventory Cost of goods sold Inventory Purchases Freight-in 6 October 31 Inventory Accounts payable