Required information

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

Autumn Company began the month $of$ October with inventory $of$ $$20,000.$ The following inventory transactions occurred

during the month:

$a.$ The company purchased inventory $on$ account for $$29,500on$ October $12.$ Terms $of$ the purchase were $\frac{2}{10},\frac{n}{30}.$

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

charges $of$ $$550$ were paid $in$ cash.

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

$c.$ During October inventory 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.$

Assuming Autumn 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. Autumn considers purchase discounts lost $as$ part $of$ interest

expense.

Note: $Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field.