23 Part 1 of 3 Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 15 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 5 shovels on account at a selling price of $11 per unit. January 16 Sold 8 shovels on account at a selling price of $11 per unit. January 18 Bought 6 shovels on account at a cost of $6 per unit. January 19 Sold 8 shovels on account at a selling price of $11 per unit. January 24 Bought 8 shovels on account at a cost of $6 per unit. January 31 Counted inventory and determined that 6 units were on hand. Required: 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) x Answer is not complete. No General Journal Debit Credit Date January 02 1 Accounts Receivable 55 Sales Revenue 55 2 January 16 88 Accounts Receivable Sales Revenue 88 3 3 January 18 36 Purchases Accounts Payable 36 4 January 19 Accounts Receivable 88 Sales Revenue 88 5 January 24 Purchases 48 Accounts Payable 48 6 6 January 31 Inventory, Ending Cost of Goods Sold Purchases Inventory, Beginning 24 Required information [The following information applies to the questions displayed below] Part 2 of 3 Home Hardware reported beginning inventory of 15 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 5 shovels on account at a selling price of $11 per unit. January 16 Sold 8 shovels on account at a selling price of $11 per unit. January 18 Bought 6 shovels on account at a cost of $6 per unit. January 19 Sold 8 shovels on account at a selling price of $11 per unit. January 24 Bought 8 shovels on account at a cost of $6 per unit. January 31 Counted inventory and determined that 6 units were on hand. 2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any "book-to-physical" adjustment that might be needed. (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 Sold 5 shovels on account at a selling price of $11 per unit. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general journal 25 Required information [The following information applies to the questions displayed below.] Part 3 of 3 Home Hardware reported beginning inventory of 15 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 5 shovels on account at a selling price of $11 per unit. January 16 Sold 8 shovels on account at a selling price of $11 per unit. January 18 Bought 6 shovels on account at a cost of $6 per unit. January 19 Sold 8 shovels on account at a selling price of $11 per unit. January 24 Bought 8 shovels on account at a cost of $6 per unit. January 31 Counted inventory and determined that 6 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Amount of shrinkage Periodic inventory system Perpetual inventory system
