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 $29,500 on October 12 . Terms of the purchase were 2/10,n/30. Autumn uses the net method to record purchases. The inventory was shipped fo.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. 2. 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: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $30,710. Journal entry worksheet 2 4 5 6 The company purchased inventory on account for $29,500 on October 12 . Terms of the purchase were 2/10,n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits. Journal entry worksheet (5) 6 The inventory was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. Note: Enter debits before credits. Journal entry worksheet 1 6 On October 31, Autumn paid for the inventory purchased on October 12. Note: Enter debits before credits. Journal entry worksheet Record the sale of inventory on account. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record any necessary adjusting entry when the inventory on hand at the end of October cost $30,710. Note: Enter debits before credits
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