Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. Required: 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. View transaction list Journal entry worksheet 2 3 4 5 6 The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits.

Required information [The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $18,300 was sold on account for $28,400. d. It was determined that inventory on hand at the end of October cost $23,470. Required: 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. View transaction list Journal entry worksheet 2 3 4 5 6 The company purchased inventory on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. Autumn uses the net method to record purchases. Note: Enter debits before credits.

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Description: !Required information[The following information applies to the questions displayed below.]Autumn Company began the month of October with inventory of $17,000. The following inventory transactions occurredduring the month:a. The company purchased inv

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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