Home Hardware reported beginning inventory of 30 shovels, for a total cost of $270. 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 10 shovels on account at a selling price of $14 per unit.
	18		Bought 8 shovels on account at a cost of $9 per unit.
	19		Sold 10 shovels on account at a selling price of $14 per unit.
	24		Bought 10 shovels on account at a cost of $9 per unit.
	31		Counted inventory and determined that 22 units were on hand.

Required:

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.)

Question: 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.