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 $18,000. The following inventory transactions occurred during the month 0. The company purchased inventory on account for $26,500 on October 12 . Terms of the purchase were 2/10,n/30 Autumn uses the net method to record purchases. The inventory was shipped fo.b shipping point and freight charge 5 of $530 were poid in cash. b. On October 31 , Autumn paid for the inventory purchased on October 12 c. During October inventory costing $18,450 was sold on account for $28,600. d. It was determined that inventory on hand af the end of October cost $26.050 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 journol entry required" in the first account field. Journal entry worksheet 23456 The company purchased inventory on account for $26,500 on October 12 . Terms of the purchase were 2/10,n/30. Autumn uses the net method to record purchases