[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 $ The following inventory transactions occurred during the month:
a The company purchased inventory on account for $ on October Terms of the purchase were Autumn uses the net method to record purchases. The inventory was shipped fob shipping point and freight charges of $ were paid in cash.
b On October Autumn paid for the inventory purchased on October
c During October inventory costing $ was sold on account for $
d It was determined that inventory on hand at the end of October cost $
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Required:
Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
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