Home Hardware reported beginning inventory of twenty two shovels, for a total cost of $110. The company had the following transactions during the month: Jan. 2 Sold 6 shovels on account at a selling price of $12 per unit 16 Sold 12 shovels on account at a selling price of $12 per unit 18 Bought 7 shovels on account at a cost of $5 per unit 19 Sold 11 shovels on account at a selling price of $12 per unit 24 Bought 12 shovels on account at a cost of $5 per unit 31 Counted inventory and determined that 9 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.) Journal entry worksheet Record the cost of goods sold Note: Enter debits before credits. General Journal Debit Credit Transaction January 31 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 January 31 Record entry Clear entry View general journal 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.) Journal entry worksheet 2 3 4 5 6 7 8 9 Record the sale of shovels. Note: Enter debits before credits. General Journal Debit Credit Transaction January 02 Record entry Clear entry View general journal Journal entry worksheet 3 4 5 6 7 8 9 Record the cost of shovels sold. Note: Enter debits before credits. General Journal Debit Credit Transaction January 02 Record entry Clear entry View general journal Journal entry worksheet