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[The following information applies to the questions displayed below.] Autumn Company began the...

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Accounting

[The following information applies to the questions displayed below.]
Autumn Company began the month of October with inventory of $30,000. The following inventory transactions occurred during the month:
a. The company purchased inventory on account for $44,500 on October 12. Terms of the purchase were 210,n30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $650 were paid in cash.
b. On October 31, Autumn paid for the inventory purchased on October 12.
c. During October inventory costing $20,250 was sold on account for $31,000.
d. It was determined that inventory on hand at the end of October cost $54,010.
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.
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