James Company began the month of October with Inventory of $16,000. The following Inventory transactions occurred during the month: a. The company purchased merchandise on account for $23.500 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 $510 were paid in cash. b. On October 31, James pald for the merchandise purchased on October 12 c. During October merchandise costing $18,150 was sold on account for $28,200. d. It was determined that inventory on hand at the end of October cost $21,390. Journal entry worksheet