James Company began the month of October with inventory of $21,000. The following inventory transactions occurred during the month:

1. The company purchased merchandise on account for $31,000 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash.
2. On October 31, James paid for the merchandise purchased on October 12.
3. During October, merchandise costing $18,900 was sold on account for $29,200.
4. It was determined that inventory on hand at the end of October cost $33,350.

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 to record cost of goods sold. 2. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions.

Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 The company purchased merchandise on account for $31,000 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. Date General Journal Debit Credit October 12, 2018 Required 1Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 4 The merchandise was shipped f..b. shipping point and freight charges of $560 were paid in cash. Note: Enter debits before credits. Date General Journal Debit Credit October 12, 2018 Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 5 On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record the sale of merchandise on account. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1Required 2 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 5 Record any necessary adjusting entry when the inventory on hand at the end of October cost $33,350 Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 The company purchased merchandise on account for $31,000 on October12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. Date General Journal Debit Credit October 12, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 The merchandise was shipped f.o.b. shipping point and freight charges of $560 were paid in cash Note: Enter debits before credits. Date General Journal Debit Credit October 12, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of merchandise on account. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Required 1 Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $33,350 Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018