Journal Entries Problem:

Kangaroo Jim Company reported beginning inventory of 140 units at a per unit cost of $15. It had the following purchase and sales transactions during the year:

Jan. 14	Sold 60 units at unit sales price of $35 on account.
Apr. 9	Purchased 50 additional units at a per unit cost of $15 on account.
Sept. 2	Sold 80 units at a sales price of $40 on account.
Dec. 31	Counted inventory and determined 50 units were still on hand.

Record each transaction, assuming that Kangaroo Jim Company uses a PERIODIC inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Jan 14th: Record the sale of 60 units at $35 on account.

Jan 14th: Record the cost of goods sold, if needed, for the sale of 60 units at $35 on account.

Apr 9th: Record the purchase of 50 additional units at a per unit cost of $15 on account.

Sept 2nd: Record the sale of 80 units at $40 on account.

Sept 2nd: Record the cost of goods sold, if needed, for the sale of 80 units at $40 on account.

Dec 31st: Record the end of period adjustment, if needed, to transfer beginning inventory and net purchases.

Dec 31st: Record the end of period adjustment, if needed, to adjust for the ending inventory still on hand.