I really need help in all three parts. Part 1 is asking for the periodic entries. Part 2 perpetual, including "book-to-physical" entry adjustments and part 3. shrinkage. if you could explain the process rather than just giving answers it would be appreciated. thank you.
Required Information [The following information applies to the questions displayed below.) 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 Sie per unit. 16 Sold le shovels on account at a selling price of $ie per unit, 18 Bought 5 shovels on account at a cost of $5 per unit, 19 Sold 10 shovels on account at a selling price of $10 per unit. 24 Bought 18 shovels on account at a cost of 55 per unit. 31 counted inventory and determined that 10 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.) 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 fleld.) Answer is complete but not entirely correct. General Journal Debit Credit January 02 40 Accounts Receivable Sales Revenue 40 2 January 16 100 Accounts Receivable Sales Revenue O 100 3 January 18 Purchases Accounts Payable 25 25 4 January 10 100 Accounts Receivable Sales Revenue Ols 100 5 January 24 Purchases Accounts Payable 50. Olo 50 6 January 31 1203 Cost of Goods Sold Purchases SO 75 458 Inventory 7 January 31 24 Inventory Cost of Goods Sold 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 reld.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Sold 4 shovels on account at a selling price of $10 per unit. Record the transaction. Note Edebits before che General Journal Debit Credit Date January 02 Record entry Clear entry Mew generalurnal 2 3 4 5 9 8 7 02 Record the cost of goods sold under the perpetual inventory system. Required Information [The following information applies to the questions displayed below) 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. 16 Sold le shovels on account at a selling price of $10 per unit. 18 Bought 5 shovels on account at a cost of $5 per unit. 19 Sold le shovels on account at a selling price of $10 per unit. 24 Bought 10 shovels on account at a cost of 35 per unit. 31 counted Inventory and determined that 10 units were on hand. 3.a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? One cannot determine $5 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Answer is complete and correct. Samount Shine 60
