B)

Kangaroo Jim Company reported beginning inventory of 280 units at a per unit cost of $20. It had the following purchase and sales transactions during the year: Jan 14 Sold 25 units at unit sales price of $40 on account. Apr. 9 Purchased 15 additional units at a per unit cost of $20 on account. Sept. 2 Sold 50 units at a sales price of $50 on account. Dec. 31 Counted inventory and determined 220 units were still on hand. Required: (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.) Journal entry worksheet 1 2 3 4 5 6 Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit January 14 Record entry Clear entry View general journal Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits. Transaction General Journal Debit Credit January 14 Record entry Clear entry View general journal Journal entry worksheet 1 23 4 5 6 Record the purchase of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit April 09 Record entry Clear entry View general journal Journal entry worksheet Record the cost of inventory sold. Note: Enter debits before credits. Transaction General Journal Debit Credit September 02 Record entry Clear entry View general journal Journal entry worksheet Record the inventory on hand based on inventory count. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record entry Clear entry View general journal (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.) View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit January 14 Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet