James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month:

The company purchased merchandise on account for $22,000 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 $500 were paid in cash.

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

During October merchandise costing $18,000 was sold on account for $28,000.

It was determined that inventory on hand at the end of October cost $19,060.

Required: 1. 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.)

Required information [The following information applies to the questions displayed below.] James Company began the month of October with inventory of $15,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $22,000 on October 12 . Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $500 were paid in cash. b. On October 31 , James paid for the merchandise purchased on October 12 . c. During October merchandise costing $18,000 was sold on account for $28,000. d. It was determined that inventory on hand at the end of October cost $19,060. equired: Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no ntry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 23456> The company purchased merchandise on account for $22,000 on October 12 . Terms of the purchase were 2/10,n/30. James uses the net method to record purchases. Note: Enter debits before credits. Journal entry worksheet 6 The merchandise was shipped f.o.b. shipping point and freight charges of $500 were paid in cash. Note: Enter debits before credits. Journal entry worksheet