Required information Problem 8-1 (Algo) Various inventory transactions; journal entries [LO8-1, 8-2, 8-3] [The following information applies to the questions displayed below] Autumn Company began the month of October with inventory of $35,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $52,000 on October 12 Terms of the purchase were 1/10. /30 Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $700 were paid in cash. b. On October 31 , Autumn paid for the inventory purchased on October 12 c. During October inventory costing $21,000 was sold on account for $32,000. d. It was determined that inventory on hand at the end of October cost $66.180 Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare joumal entries for the above transactions. Note: If no entry is required for a transoction/event, select "No journal entry required" in the first account field. Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare joumal entries for the above transactions. Note: If no entry is required for a transoction/event, select "No journal entry required" in the first account field