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Problem 8-1 Various inventory transactions; journal entries [LO8-1, 8-2, 8-3) 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, 2018. Terms of the purchase were 2/10, n/30. Ja 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 Required 1. 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. 2. Assuming that t the James Company uses a perpetual inventory system, prepare journal entries for the above transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2