Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Sold 7 shovels on account at a selling price of $13 per unit. January 2 January 16 Sold 10 shovels on account at a selling price of $13 per unit. January 18 Bought 8 shovels on account at a cost of $8 per unit. January 19 Sold 10 shovels on account at a selling price of $13 per unit. January 24 Bought 10 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 15 units were on hand.
Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Sold 7 shovels on account at a selling price of $13 per unit. January 2 January 16 Sold 10 shovels on account at a selling price of $13 per unit. January 18 Bought 8 shovels on account at a cost of $8 per unit. January 19 Sold 10 shovels on account at a selling price of $13 per unit. January 24 Bought 10 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 15 units were on hand.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
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.

Transcribed Image Text: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.)
X Answer is complete but not entirely correct.
No
Date
General Journal
Debit
Credit
1
January 02
Accounts Receivable
91
Sales Revenue
91
2
January 16
Accounts Receivable
130
Sales Revenue
130
3
January 18
Purchases
64
Accounts Payable
64
4
January 19
Accounts Receivable
130
Sales Revenue
130
January 24
Purchases
80
Accounts Payable
80
January 31
Cost of Goods Sold
150
Inventory, Ending
120
Purchases
70 X
Inventory, Beginning
200
![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:
January 2
January 16 Sold 10 shovels on account at a selling price of $13 per unit.
January 18 Bought 8 shovels on account at a cost of $8 per unit.
January 19 Sold 10 shovels on account at a selling price of $13 per unit.
January 24 Bought 10 shovels on account at a cost of $8 per unit.
January 31 Counted inventory and determined that 15 units were on hand.
Sold 7 shovels on account at a selling price of $13 per unit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9cefc1a7-b718-434e-afe8-862fd74f1c4f%2F03853187-81b5-4cee-af9d-3ad14a76f9eb%2Fj6ybvc8_processed.png&w=3840&q=75)
Transcribed Image Text: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:
January 2
January 16 Sold 10 shovels on account at a selling price of $13 per unit.
January 18 Bought 8 shovels on account at a cost of $8 per unit.
January 19 Sold 10 shovels on account at a selling price of $13 per unit.
January 24 Bought 10 shovels on account at a cost of $8 per unit.
January 31 Counted inventory and determined that 15 units were on hand.
Sold 7 shovels on account at a selling price of $13 per unit.
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