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2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactie the adjusting entry at the end of October to record cost of goods sold. James considers purchase discounts lost as par expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 October 12 27 160 Purchases Accounts payable 27,160 2 October 12 540 Purchases Cash 540 3 October 31 Accounts payable Cash 27 160 27.160 4 October 31 Accounts receivable Sales revenue 28.800 28,800 5 October 31 Inventory (ending) Cost of goods sold Purchases Inventory (beginning) 28,100 18,600 27.700 19,000 6 October 31 No journal entry required Journal entry worksheet On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits Debit Credit Date General Journal October 31 Accounts payable Cash 27 160 27,160 Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Credit Date General Journal October 31 inventory (ending) Cost of goods sold Purchases Inventory (beginning) Debit 28,100 18,600 27.700 19,000 a. The company purchased merchandise on account for $28,000 on October 12. Te James uses the net method to record purchases. The merchandise was shipped 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. 2. Assuming that the James Company uses a periodic inventory system, prepare journal ent the adjusting entry at the end of October to record cost of goods sold. James considers pur expense. (If no entry is required for a transaction/event, select "No journal entry required View transaction list Journal entry worksheet