Problem 8-1 Various inventory transactions: journal entries [LO8-1, 8-2, 8-3] 2 James Company began the month of October with inventory of $35,000. The following inventory transactions occurred during the month 6 points a. The company purchased merchandise on account for $52,000 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped fob. shipping point and freight charges of $700 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12 eBook c. During October, merchandise costing $21,000 was sold on account for $32,000. d. It was determined that inventory on hand at the end of October cost $66,180. Reference 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 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 Required 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show lessA View transaction list Journal entry worksheet 1 23 4 5 6 The company purchased merchandise on account for $52,000 on October 12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases Note: Enter debits before credits Date October 12, General Journal Record entry View general journal Clear entry Required 1 Required 2 Journal entry worksheet On October 31, James paid for the merchandise purchased on caober p2.d the Note: Enter debits before credits. Date October 31, 2018 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $66,180 Note: Enter debits before credits. Date General Journal Debit Credit October 31, 2018 Record entry View general journal Clear entry Journal entry worksheet The company purchased merchandise on account for $52,000 on October12, 2018. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. Note: Enter debits before credits. Date October 12, 2018 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet The merchandise was shipped f..b. shipping point and freight charges of $700 were paid in cash. Note: Enter debits before credits. Date General Journal DebitCredit October 12, 2018 Record entry View general journal Clear entry Journal entry worksheet 1 234 5 6 On October 31, James paid for the merchandise purchased on October 12 Note: Enter debits before credits. Date October 31, 2018 General Journal DebitCredit Record entry View general journal Clear entry Journal entry worksheet 1 2345 6 Record the sale of merchandise on account. Note: Enter debits before credits. Date October 31, 2018 General Journal DebitCredit Record entry View general journal Clear entry Journal entry worksheet 1 23 456 Record the cost of goods sold. Note: Enter debits before credits. Date October 31, 2018 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $66,180 Note: Enter debits before credits. Date October 31, 2018 General Journal Debit Credit Record entry View general journal Clear entry