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James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 2/10, 1/30. James uses the net method to record purchases. The merchandise was shipped fob. shipping point and freight charges of $690 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $20,850 was sold on account for $31,800. d. It was determined that inventory on hand at the end of October cost $63,330. 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. James considers purchase discounts lost as part of interest expense. (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 The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 2/10, 1/30. James uses the net method to record purchases Note: Enter debits before credits General Journal Debit Credit October 12 James Company began the month of October with inventory of $34.000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for 550,500 on October 12. Terms of the purchase were 2/10, 1/30 James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight charges of $690 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $20,850 was sold on account for $31.800 d. It was determined that inventory on hand at the end of October cost $63.330 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 James considers purchase discounts lost as part of interest expense no entry is required for a transaction event, select "No journal entry required in the first account field.) Journal entry worksheet The merchandise was shipped to b. shipping point and freight charges of 5690 were paid in cash Notenter debits before credits General Journal de Credit Per as a Next > search James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 20.30 James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight changes of $690 were paid in cash b. On October 3 James paid for the merchandise purchased on October 12 c. During October merchandise costing $20 850 was sold on account for $31800 d. It was determined that inventory on hand at the end of October cost $63.330 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 James considers purchase discounts lost as part of interest expense no entry is required for a transaction/event, select "No journal entry required in the first account field.) V is! Journal entry worksheet 16 James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 2/10, 1/30 James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight charges of $690 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $20,850 was sold on account for $31,800 d. It was determined that inventory on hand at the end of October cost $63,330 2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions inclus the adjusting entry at the end of October to record cost of goods sold. James considers purchase discounts lost as part of intere expense of no entry is required for a transaction/event, select "No journal entry required in the first account field.) View bransactionist Journal entry worksheet James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 2/10,n/30 James uses the net method to record purchases. The merchandise was shipped to b. shipping point and freight charges of $690 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $20,850 was sold on account for $31.800. d. It was determined that inventory on hand at the end of October cost $63,330 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, James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field) View action list Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $63,330. Dale General Journal Debit Credit