James Company began the month of October with inventory of $28,000. The following inventory transactions occurred during the month:

a. The company purchased merchandise on account for $41,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $630 were paid in cash.

b. On October 31, James paid for the merchandise purchased on October 12.

c. During October merchandise costing $19,950 was sold on account for $30,600.

d. It was determined that inventory on hand at the end of October cost $49,350.

Required: 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.)

-1 The company purchased merchandise on account for $41,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases.

-2 The merchandise was shipped f.o.b. shipping point and freight charges of $630 were paid in cash.

-3 On October 31, James paid for the merchandise purchased on October 12.

-4 Record the sale of merchandise on account.

-5 Record the cost of good sold

-6 Record any necessary adjusting entry when the inventory on hand at the end of October cost $49,350.