(a) Record each transaction, assuming that Kangaroo Jim Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) THERE ARE 6 ENTRIES IN TOTAL

(b) Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) THERE ARE 5 ENTRIES IN TOTAL

Kangaroo Jim Company reported beginning inventory of 120 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: Jan 14 Sold 35 units at unit sales price of $45 on account. Apr. 9 Purchased 25 additional units at a per unit cost of $25 on account. Sept. 2 Sold 60 units at a sales price of $60 on account. Dec. 31 Counted inventory and determined 50 units were still on hand