Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The company had the following transactions during the month: Jan. 2 Sold 4 shovels on account at a selling price of $10 per unit. Jan 16 Sold 10 shovels on account at a selling price of $10 per unit. Jan 18 Bought 5 shovels on account at a cost of $5 per unit. Jan 19 Sold 10 shovels on account at a selling price of $10 per unit. Jan 24 Bought 10 shovels on account at a cost of $5 per unit. Jan 31 Counted inventory and determined that 10 units were on hand.

Record a journal entry that shows all goods initially on hand at the beginning of the period (in the Inventory account) and all goods bought during the period (in the purchases account) as having been sold by the end of the period.