Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $35,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $52,000 on October 12. Terms of the purchase were 1/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $700 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $21,000 was sold on account for $32,000. d. It was determined that inventory on hand at the end of October cost $66,180. 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. Answer is not complete. No 1 Date General Journal Debit Credit October 12 Purchases 51,480 Accounts payable 2 October 12 Freight-in Cash 51,480 700- 700- 3 October 31 Accounts payable 51,480 Interest expense Cash 520 52,000 4 October 31 Accounts receivable 32,000 Sales revenue 0 32,000 5 October 31 Cost of goods sold Purchases Inventory Freight-in 6 October 31 Cost of goods sold Inventory Purchases Freight-in 0000 0000 21,000 66,180 51,480 35,000 700 51,480 51,480 O 7000 7000 32,000 32,000