Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. Chipolo sells the tags at a price of $30 per tag, on account with terms n/30, FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions.

Jan. 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers. 

Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers.

Jan. 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $21 per tag, n/30.

Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered 8 days earlier.

Jan. 21 The 350 tags ordered on January 11 were shipped to and received by Chipolo today.

Jan. 23 Chipolo gave 375 tags to FedEx, which were delivered “same day” to customers.

Jan. 31 Chipolo counted its inventory and determined 20 tags were on hand. Chipolo made a “book-to-physical adjustment” to account for the missing 5 tags.

Required:

Assume Chipolo uses FIFO in its perpetual inventory system. For each date, prepare the journal entry or provide an appropriate reason for not recording a journal entry.