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[The following information applies to the questions displayed below] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred

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[The following information applies to the questions displayed below] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $37,000 on October 12 . Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped fob shipping point and freight charges of $600 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12 c. During October inventory costing $19,500 was sold on account for $30,000. d. It was determined that inventory on hand at the end october cost $42,360. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for o tronsoction/event, select "No journal entry required" in the first account fleld. Journal entry worksheet The company purchased inventory on account for $37,000 on October 12 : Terms of the purchase were 2/10,n/30. Autumn uses the net method to 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. Journal entry worksheet The company purchased inventory on account for $37,000 on October 12 . Terms of the purchase were 2/10,n/30. Autumn uses the net method to record purchases. Notel Enter debits before credits. 2. Assuming Autumn 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. Autumn considers purchase discounts lost as part of interest expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet The company purchased inventory on account for $37,000 on October 12 . Terms of the purchase were 2/10,n/30. Autumn uses the net method to record purchases. Notes Enter debits before creditsi

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