Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $35,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $52,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $700 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise 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 that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 The company purchased merchandise on account for $52,000 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. General Journal Debit Credit Date October 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet