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Required information

$[$The following information applies to the questions displayed below.$]$

Ambika 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 $\frac{1}{10},$

$\frac{n}{30}.$ Ambika 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 $31,$ Ambika 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.$

Assuming Ambika Company uses a periodic inventory system, prepare journal entries for the above transactions including the

adjusting entry at the end of October to record cost of goods sold. Ambika considers purchase discounts lost as part of interest

expense.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.