[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $31,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $46,000 on October 12. Terms of the purchase were 2/10. "/30 - Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $660 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $20,400 was sold on account for $31,200. d. It was determined that inventory on hand at the end of October cost $56,340. 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 a transaction/event, select "No journal entry required" in the first account field. 2 4 On October 31, Autumn paid for the inventory purchased on October 12. Record the sale of merchandise on account. Note: Enter debits before credits. Note: Enter debits before credits. Date October 31 General Journal Debit Credit Date October 31 General Journal Debit Credit Record the cost of goods sold. 4 5 6 3 4 5 6 Record any necessary adjusting entry when the inventory on hand at the end of October cost $56,340. The company purchased inventory on account for $46,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits. The inventory was shipped f.o.b. shipping point and freight charges of $660 were paid in cash. Note: Enter debits before credits. Note: Enter debits before credits. Note: Enter debits before credits. Date October General Journal Debit Credit Date General Journal Debit Credit October Date October 12 General Journal Debit Credit Date October General Journal Debit Credit 31 31