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 $21,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $31,000 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 $560 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,900 was sold on account for $29,200. d. It was determined that inventory on hand at the end of October cost $33,350. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: 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 1 2 3 4 5 6 The company purchased inventory on account for $31,000 on October 12. Terms of the purchase were 1/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits. Date October 12 General Journal Debit Credit