Return to question 5 2. Assuming that the James 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. James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Part 2 of 2 Answer is not complete. 0.83 points No Date General Journal Debit Credit October 12 1 Purchases 28,910 Accounts payable 28,910 Freight-in 550 2 October 12 550 Cash Accounts payable 3 October 31 28,910 590 Interest expense 29,500 Cash 4 Octaber 31 Accounts receivable 29,000 29,000 Sales revenue No joumal entry required October 31 5 Cost of goods sold 6 October 31 18,750 Inventory (ending) 18,750 LO Return to 4 ! Required information [The following information applies to the questions displayed below.] Part 1 of 2 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 0.83 points a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,750 was sold on account for $29,000. d. It was determined that inventory on hand at the end of October cost $30,710. 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.) 4 Required information Part 1 of 2 Answer is complete but not entirely correct. Debit Credit No Date General Journal 0.83 28,910 1 October 12 Inventory points Accounts payable 28,910 550 Inventory 2 October 12 Cash 550 Accounts payable 28,910 October 31 3 590 Interest expense 29,500 Cash Accounts receivable 4. October 31 29,000 Sales revenue 29,000 Cost of goods sold 5 October 31 18,750 18,750 Inventory October 31 No journal entry required 6 Return to question Required information [The following information applies to the questions displayed below.] Part 2 of 2 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 0.83 a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30 James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,750 was sold on account for $29,000. d. It was determined that inventory on hand at the end of October cost $30,710. points 2. Assuming that the James 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. James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. Return to question 5 2. Assuming that the James 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. James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Part 2 of 2 Answer is not complete. 0.83 points No Date General Journal Debit Credit October 12 1 Purchases 28,910 Accounts payable 28,910 Freight-in 550 2 October 12 550 Cash Accounts payable 3 October 31 28,910 590 Interest expense 29,500 Cash 4 Octaber 31 Accounts receivable 29,000 29,000 Sales revenue No joumal entry required October 31 5 Cost of goods sold 6 October 31 18,750 Inventory (ending) 18,750 LO Return to 4 ! Required information [The following information applies to the questions displayed below.] Part 1 of 2 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 0.83 points a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,750 was sold on account for $29,000. d. It was determined that inventory on hand at the end of October cost $30,710. 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.) 4 Required information Part 1 of 2 Answer is complete but not entirely correct. Debit Credit No Date General Journal 0.83 28,910 1 October 12 Inventory points Accounts payable 28,910 550 Inventory 2 October 12 Cash 550 Accounts payable 28,910 October 31 3 590 Interest expense 29,500 Cash Accounts receivable 4. October 31 29,000 Sales revenue 29,000 Cost of goods sold 5 October 31 18,750 18,750 Inventory October 31 No journal entry required 6 Return to question Required information [The following information applies to the questions displayed below.] Part 2 of 2 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 0.83 a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30 James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $18,750 was sold on account for $29,000. d. It was determined that inventory on hand at the end of October cost $30,710. points 2. Assuming that the James 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. James considers purchase discounts lost as part of interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete