Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12 . Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12 . c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. tquired: Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. ote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 23456 The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10,n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits. 1 The company purchased inventory on account for $25,000 on October 12 . Terms of the purchase were 3/10,n/30. Autumn uses the net method to record purchases. 2 The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. 3 On October 31 , Autumn paid for the inventory purchased on October 12. 4 Record the sale of merchandise on account. 5 Record the cost of goods sold. 3/10,n/30. Autumn uses the net method to record purchases. 2 The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. 3 On October 31 , Autumn paid for the inventory purchased on October 12. 4 Record the sale of merchandise on account. 5 Record the cost of goods sold. 6 Record any necessary adjusting entry when the inventory on hand at the end of October cost $23,470. Note : = journal entry has been entered