PERPETUAL INCLUDING BOOK TO BOOK TO PHYSICAL ADJUSTMENT

Required information [The following information applies to the questions displayed below.) Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Jan. 2 Sold 7 shovels on account at a selling price of $13 per unit. 16 Sold 10 shovels on account at a selling price of $13 per unit. 18 Bought 8 shovels on account at a cost of $8 per unit. 19 Sold 10 shovels on account at a selling price of $13 per unit. 24 Bought 10 shovels on account at a cost of $8 per unit. 31 Counted inventory and determined that 15 units were on hand. 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.) 1 Sold 7 shovels on account at a selling price of $13 per unit. Record the transaction. 2 Record the cost of goods sold under the perpetual inventory system. 3 Sold 10 shovels on account at a selling price of $13 per unit. Record the transaction. 4 Record the cost of goods sold under the perpetual inventory system. 5 Bought 8 shovels on account at a cost of $8 per unit. Record the transaction. 6 Sold 10 shovels on account at a selling price of $13 per unit. Record the transaction. 7 Record the cost of goods sold under the perpetual inventory system. 8 Bought 10 shovels on account at a cost of $8 per unit. Record the transaction. 9 At month end, counted inventory and determined that 15 units were on hand. Record the "book-to-physical" adjustment