Required information

Problem $8-1($Algo$)$ Various inventory transactions; journal entries $[$LO$8-1,8-2,8-3]$

$[$The following information applies to the questions displayed below.$]$

Autumn Company began the month of October with inventory of $$19,000.$ The following inventory transactions occurred

during the month:

a$.$ The company purchased inventory on account for $$28,000$ on October $12.$ Terms of the purchase were $\frac{3}{10},\frac{n}{30}.$

Autumn uses the net method to record purchases. The inventory was shipped foo.b$.$ shipping point and freight

charges of $$540$ were paid in cash.

b$.$ On October $31,$ Autumn paid for the inventory purchased on October $12.$

c$.$ During October inventory costing $$18,600$ was sold on account for $$28,800.$

d$.$ It was determined that inventory on hand at the end of October cost $$28,100.$

Problem $8-1($Algo$)$ Part $1$

Required:

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.

Journal entry worksheet

The company purchased inventory on account for $$28,000$ on October $12.$

Terms of the purchase were $\frac{3}{10},\frac{n}{30}.$ Autumn uses the net method to

record purchases.

Note: Enter debits before credits.