Business, 19.10.2020 02:01, trivettkrchs6060

James Company began the month of October with inventory of $28,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $41,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f. o.b. shipping point and freight charges of $630 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $19,950 was sold on account for $30,600. It was determined that inventory on hand at the end of October cost $49,350. Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for the above transactions.

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James Company began the month of October with inventory of $28,000. The following inventory transact...