Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: 

 

January 2	Sold 7 shovels on account at a selling price of $10 per unit.
January 16	Sold 12 shovels on account at a selling price of $10 per unit.
January 18	Bought 4 shovels on account at a cost of $3 per unit.
January 19	Sold 12 shovels on account at a selling price of $10 per unit.
January 24	Bought 12 shovels on account at a cost of $3 per unit.
January 31	Counted inventory and determined that 13 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.Sold 7 shovels on account at a selling price of $10 per unit. Record the transaction.

2

Sold 12 shovels on account at a selling price of $10 per unit. Record the transaction.

3

Bought 4 shovels on account at a cost of $3 per unit. Record the transaction.

4

Sold 12 shovels on account at a selling price of $10 per unit. Record the transaction.

5

Bought 12 shovels on account at a cost of $3 per unit. Record the transaction.

6

Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed.