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. 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)X Answer is complete but not entirely correct.NoDateGeneral JournalDebitCredit1January 02Accounts Receivable91Sales Revenue912January 16Accounts Receivable130Sales Revenue1303January 18Purchases64Accounts Payable644January 19Accounts Receivable130Sales Revenue130January 24Purchases80Accounts Payable80January 31Cost of Goods Sold150Inventory, Ending120Purchases70 XInventory, Beginning200 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 followingtransactions during the month:January 2January 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.

Name: Record the end of period adjustment to determine the amount of cost of
Uploaded: 2024-03-04T10:43:15.000Z
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Description: 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. 1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry