James Company began the month of October with inventory of $18,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $26,500 on October 12, 2018. Terms of the a. purchase were 2/10, n/30. Jlames uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $530 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October, merchandise costing $18,450 was sold on account for $28,600. d. It was determined that inventory on hand at the end of October cost $26,050. e 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 entriesfor the above transactions. Required 1 Assuming that the James Company uses a periodic inventory system, prepare journal the above transactions including the adjusting entry at the end of October to uired for a record cost of goods sold. (If no entry is entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits event, sel Date General Journal Debit Credit The company purchased merchandise on account for $26,500 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record urcnases. 2. The merchandise was shipped f.?.b. shipping point and freight charges of $530 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 goods sold 6. Record and necessary adjusting entry when the inventory on hand at the end of October Cost $26,050 Requirement 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.) 1. The company purchased merchandise on account for $26,500 on October12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. 2. The merchandise was shipped f.?.b. shipping point and freight charges of $530 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 goods sold 6. Record any necessary adjusting entry when the inventory on hand at the end of October cost of 26,050