James Company began the month of October with inventory of $24.000 The following inventory transactions occurred during the month a. The company purchased merchandise on account for $35.500 on October 12, 2018. Terms of the purchase were 1/10, n/30 James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight charges of $590 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October, merchandise costing $19.350 was sold on account for $29.800 d. It was determined that inventory on hand at the end of October cost $40,385 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 entries for the above transactions Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 > 4 5 6 The company purchased merchandise on account for $35,500 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases 6 1 3 4 5 Record the sale of merchandise on account. Note: Enter debits before credits Credit Date General Journal Debit October 31, 2018 View general journal Record entry Clear entry 3 of 5 2. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions Complete this question by entering your answers in the tabs below. Required Required 2 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 30 6 4 Record the cost of goods sold Nte Enter deobits before credes Date General Journal Debit Credit October 31, 2018 Record entry Clear entry View general journal 2 3 4 5 6 The company purchased merchandise on account for $35,500 on October12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits Date General Journal Debit Credit October 12, 2018 Record entry Clear entry View general journal 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 entries for the above transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 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.) View transaction list Journal entry worksheet > 2 4 5 6 The merchandise was shipped f.o.b. shipping point and freight charges of $590 were paid in cash. Note: Enter debits before credits Date Debit Credit General Journal October 12, 2018 Clear entry Record entry View general journal 3 of 5 earch Seved 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 entries for the above transactions Complete this question by entering your answers in the tabs below. Required 1 Required 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.) View transaction list Journal entry worksheet