TO/30/2020 Problem 8-1 (Algo) Various Inventory transactions: Journal entries (LO8-1, 8-2, 8-3) The folowing information as to the questions displayed below) James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, 1/30, James uses the net method to record purchases. The merchandise was shipped to.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 References Section Break Problem B-1(Algo) Various Inventory transactions, Journal entries (LO8-1,8-2, 8-31 4. Award: 1.00 point Problem 8-1 (Algo) Part 1 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.) View transaction list Journal entry worksheet