Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month:

Jan. 2	Sold 5 shovels on account at a selling price of $14 per unit.
16	Sold 9 shovels on account at a selling price of $14 per unit.
18	Bought 7 shovels on account at a cost of $6 per unit.
19	Sold 9 shovels on account at a selling price of $14 per unit.
24	Bought 9 shovels on account at a cost of $6 per unit.
31	Counted inventory and determined that 15 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.)

2. Record a journal entry that adjusts the accounting records to show that 15 units of inventory actually are still on hand (and should be recorded in the Inventory account) at the end of the period.