The following information applies to the questions displayed below] James Company began the month of October with inventory of $25,000 The following inventory transactions occurred during the month 0. The company purchased merchandise on account for $37,000 on October 12. Terms of the purchase were 2/10, 1/30 James uses the net method to record purchases. The merchandise was shipped fo.b shipping point and freight charges of $600 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12. c. During October merchandise costing $19,500 was sold on account for $30,000 d. It was determined that inventory on hand at the end of October cost $42,360. 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 of no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list > The company purchased merchandise on account for $37,000 on October 12. Terms of the purchase were 2/10, 30. James uses the net method to record purchases. The merchandise was shipped f.o. b. shipping point and freight charges of $600 were paid in cash. Sber 12 o record On October 31, James paid for the merchandise purchased on October 12. Credit Record the sale of merchandise on account. Record the cost of goods sold, A Damdam necarea witinn ann when the incantan Note: - Journal entry has been entered Record entry Clear entry View general journal Required Information The following information applies to the questions displayed below) James Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $37.000 on October 12. Terms of the purchase were 2/10, 1/30. James uses the net method to record purchases. The merchandise was shipped fob shipping point and freight charges of $600 were paid in cash b. On October 31, James paid for the merchandise purchased on October 12 c. During October merchandise costing $19,500 was sold on account for $30,000 d. It was determined that inventory on hand at the end of October cost $42,360. 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 fleld.) View transaction list X 2/10, w30. James uses the net method to record > purchases The merchandise was shipped fo.b, shipping point and freight charges of $600 were paid in cash. ber 12 o record On October 31, James paid for the merchandise purchased on October 12. Credit Record the sale of merchandise on account. Record the cost of goods sold, Record any necessary adjusting entry when the inventory on hand at the end of October cost $42,360. Note: journal entry has been entered Record entry Clear entry Vw general joumal