Required: 1. 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.)

On October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October A unts payable 31 Accounts payable Record entry Clear entry View general journal Record any necessary adjusting entry when the inventory on hand at the end of October cost $61,000. Note: Enter debits before credits. General Journal Debit Credit Date October Record entry Clear entry View general journal