[The following information applies to the questions displayed below.]Autumn Company began the month of October with inventory of $33,000. The following inventory transactions occurred during the month:The company purchased inventory on account for $49,000 on October 12. Terms of the purchase were 210/210 , n30/�30 . Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $680 were paid in cash.On October 31, Autumn paid for the inventory purchased on October 12.During October inventory costing $20,700 was sold on account for $31,600.It was determined that inventory on hand at the end of October cost $61,000. 1. 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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Description: [The following information applies to the questions displayed below.]Autumn Company began the month of October with inventory of $33,000. The following inventory transactions occurred during the month:The company purchased inventory on account for $4

Journal entry is the primary step to record the transaction in the books of accounts. A journal…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

Autumn Company began the month of October with inventory of $33,000. The following inventory transactions occurred during the month:

The company purchased inventory on account for $49,000 on October 12. Terms of the purchase were 210/210 , n30/�30 . Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $680 were paid in cash.
On October 31, Autumn paid for the inventory purchased on October 12.
During October inventory costing $20,700 was sold on account for $31,600.
It was determined that inventory on hand at the end of October cost $61,000.

1. 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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