Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $16 per unit. January 16 Sold 11 shovels on account at a selling price of $16 per unit. January 18 Bought 9 shovels on account at a cost of $8 per unit. January 19 Sold 11 shovels on account at a selling price of $16 per unit. January 24 Bought 11 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 13 units were on hand. PA6-6 (Algo) Part 2 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.) Answer is complete but not entirely correct. No 1 Date January 02 Accounts Receivable Sales Revenue 2 January 02 Cost of Goods Sold Inventory 3 January 16 Accounts Receivable Sales Revenue General Journal Debit Credit 112 112 72 72 76 176 176 4 January 16 Cost of Goods Sold 60 Inventory 60 No 1 Date January 02 General Journal Debit Credit Accounts Receivable 112 Sales Revenue 112 2 January 02 Cost of Goods Sold Inventory 3 January 16 Accounts Receivable Sales Revenue 72 72 176 176 4 January 16 Cost of Goods Sold 60 Inventory 60 5 January 18 Inventory Accounts Payable 6 January 19 Accounts Receivable Sales Revenue 7 January 19 Cost of Goods Sold Inventory 8 January 24 Inventory Accounts Payable 9 January 31 Cost of Goods Sold Inventory >> 72 176 96 72 176 96 88 88 24 24 24