Required information The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2 Sold 5 shovels on account at a selling price of $14 per unit. 16 Sold 9 shovels on account at a selling price of $14 per unit. 18 Bought 7 shovels on account at a cost of $6 per unit. 19 Sold 9 shovels on account at a selling price of $14 per unit. 24 Bought 9 shovels on account at a cost of $6 per unit. 31 Counted inventory and determined that 15 units were on hand. Fequired: 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.) View transaction list 1 Sold 5 shovels on account at a selling price of $14 per unit. Record the transaction. 2 Sold 9 shovels on account at a selling price of $14 per unit. Record the transaction. 3 Bought 7 shovels on account at a cost of $6 per unit. Record the transaction. Credit 4 Sold 9 shovels on account at a selling price of $14 per unit. Record the transaction. 5 Bought 9 shovels on account at a cost of $6 per unit. Record the transaction. Required information The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2 Sold 5 shovels on account at a selling price of $14 per unit. 16 Sold 9 shovels on account at a selling price of $14 per unit. 18 Bought 7 shovels on account at a cost of $6 per unit. 19 Sold 9 shovels on account at a selling price of $14 per unit. 24 Bought 9 shovels on account at a cost of $6 per unit. 31 Counted inventory and determined that 15 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.) View transaction list 4 Sold 9 shovels on account at a selling price of $14 per unit. Record the transaction. 5 Bought 9 shovels on account at a cost of $6 per unit. Record the transaction. 6 Record a journal entry that shows all goods initially on hand at the beginning of the period (in the Inventory account) and all goods bought during the period in the purchases account) as having been sold by the end of the period. Credit 7 Record a journal entry that adjusts the accounting records to show that 15 units of inventory actually are still on hand (and should be recorded in the Inventory account) at the end of the period. Required information The following information applies to the questions displayed below] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2 Sold 5 shovels on account at a selling price of $14 per unit. 16 Sold 9 shovels on account at a selling price of $14 per unit. 18 Bought 7 shovels on account at a cost of $6 per unit. 19 Sold 9 shovels on account at a selling price of $14 per unit. 24 Bought 9 shovels on account at a cost of $6 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" adjust that might be needed. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Sold 5 shovels on account at a selling price of $14 per unit. Record the transaction. 2 Record the cost of goods sold under the perpetual inventory system. 3 Sold 9 shovels on account at a selling price of $14 per unit. Record the transaction. Credit 4 Record the cost of goods sold under the perpetual inventory system. 5 Bought 7 shovels on account at a cost of $6 per unit. Record the transaction. Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2 Sold 5 shovels on account at a selling price of $14 per unit. 16 Sold 9 shovels on account at a selling price of $14 per unit. 18 Bought 7 shovels on account at a cost of $6 per unit. 19 Sold 9 shovels on account at a selling price of $14 per unit. 24 Bought 9 shovels on account at a cost of $6 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.) View transaction list 5 Bought 7 shovels on account at a cost of $6 per unit. Record the transaction. 6 Sold 9 shovels on account at a selling price of $14 per unit. Record the transaction. 7 Record the cost of goods sold under the perpetual inventory system. Credit 8 Bought 9 shovels on account at a cost of $6 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. Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $150. The company had the following transactions during the month: Jan. 2 Sold 5 shovels on account at a selling price of $14 per unit. 16 Sold 9 shovels on account at a selling price of $14 per unit. 18 Bought 7 shovels on account at a cost of $6 per unit. 19 Sold 9 shovels on account at a selling price of $14 per unit. 24 Bought 9 shovels on account at a cost of $6 per unit. 31 Counted inventory and determined that 15 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 $18 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Amount of Shrinkage