Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $27,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $40,000 on October 12 . Terms of the purchase were 1/10,n/30. Autumn uses the net method to record purchases. The inventory was shipped fo.b. shipping point and freight charges of $620 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $19,800 was sold on account for $30,400. d. It was determined that inventory on hand at the end of October cost $47,420. 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