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 $24,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $35,500 on October 12 . Terms of the purchase were 1/10,n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $590 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $19,350 was sold on account for $29,800. d. It was determined that inventory on hand at the end of October cost $40,385. 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. Journal entry worksheet 456 The company purchased inventory on account for $35,500 on October 12 . Terms of the purchase were 1/10,n/30. Autumn uses the net metho to record purchases. Note: Enter debits before credits. 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. Journal entry worksheet 6 The inventory was shipped f.o.b. shipping point and freight charges of $590 were paid in cash. Note: Enter debits before credits. 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. Journal entry worksheet 1 56 On October 31, Autumn paid for the inventory purchased on October 12. Note: Enter debits before credits. 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. 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. 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. Journal entry worksheet 1 2 3 4 5 Record any necessary adjusting entry when the inventory on hand at the end of October cost $40,385. Note: Enter debits before credits