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, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f..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. 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 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.) Show less View transaction list Journal entry worksheet 123 45 6 The company purchased merchandise on account for $22,000 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases Note: Enter debits before credits. Date October 12, 2018 General Journal Debit Credit Record entry Clear entry View general journal The merchandise was shipped f..b. shipping point and freight charges of $500 were paid in cash. Note: Enter debits before credits. Debit Credit Date October 12, 2018 General Journal Record entry Clear entry View general journal Journal entry worksheet 1 234 5 6 On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date October 31, 2018 General Journal DebitCredit Record entry Clear entry View general journal Journal entry worksheet Record the sale of merchandise on account Note: Enter debits before credits. Date General Journal Debit Credi October 31, 2018 Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Date October 31 2018 General Journal DebitCredit Record entry Clear entry View general journal Journal entry worksheet 1 23 4 5 6 Record any necessary adjusting entry when the inventory on hand at the end of October cost $19,060. Note: Enter debits before credits. Date October 31, 2018 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet The company purchased merchandise on account for $22,000 on October12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases Note: Enter debits before credits. Debit Credit Date October 12, 2018 General Journal Record entry Clear entry View general journal Complete thls question Dy entering your answers in thetabs below Required Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal e the above transactions. (If no entry is required for a transaction/event, select "No journal required" in the first account field.) Show View transaction list Journal entry worksheet K12 3 4 5 The merchandise was shipped f..b. shipping point and freight charges of $500 were paid in cash. Note: Enter debits before credits. Debit Credit Date October 12, 2018 General Journal Record entry Clear entry View general journal Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required Required 1 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.) Show lessA View transaction list Journal entry worksheet On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Debit Credit Date October 31, 2018 General Journal Record entry Clear entry View general journal Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journa the above transactions. (If no entry is required for a transaction/event, select "No jour required" in the first account field.) SI View transaction list Journal entry worksheet K1 2 3 4 5 6 Record the sale of merchandise on account. Note: Enter debits before credits. | Debit |Credit Date October 31, 2018 General Journal Record entry Clear entry View general journal Required Required 2 Required Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal en the above transactions. (If no entry is required for a transaction/event, select "No journal required" in the first account field.) Show View transaction list Journal entry worksheet K1 2 3 4 5 6 Record the cost of goods sold Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Record entry Clear entry View general journal Required 1 Required 2 Required Required 2 Assuming that the James Company uses a perpetual inventory system, prepare journal e the above transactions. (If no entry is required for a transaction/event, select "No journa required" in the first account field.) Sho View transaction list Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $19,060 Note: Enter debits before credits. Debit Credit Date October 31, 2018 General Journal Record entry Clear entry View general journal Required! Required 2
