James Company began the month of October with inventory of $29,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $43,000 on October 12. Terms of the purchase were 3/10, 1/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $640 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $20,100 was sold on account for $30,800. d. It was determined that inventory on hand at the end of October cost $51,250. The company purchased merchandise on account for $43,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. General Journal Debit Credit Date October 12 41,710 The merchandise was shipped f.o.b. shipping point and freight charges of $640 were paid in cash. ote: Enter debits before credits. Date General Journal Debit Credit October 12 Record any necessary adjusting entry when the inventory on hand at the end of October cost $51,250. ote: Enter debits before credits. General Journal Debit Credit Date October 31 Ponard Vienaraltural