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, 2016. 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 $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: 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. (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 5 6 Record any necessary adjusting entry when the inventory on hand at the end of October cost $49,350 Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2016 Cost of goods sold nventory (ending) rchases nventory (beginning) Record entry Clear entry View general journal Assuming that the James Company uses a pernetual inent