**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**: Sold 7 shovels on account at a selling price of $13 per unit.- **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. **Journal Entries for Perpetual Inventory System**In a perpetual inventory system, the following journal entries should be recorded, including any book-to-physical adjustments if needed. If no entry is required for a transaction/event, the option "No Journal Entry Required" should be selected.| No | Date | General Journal | Debit | Credit ||----|--------------|-----------------------|-------|--------|| 1 | January 02 | Accounts Receivable | 91 | || | | Sales Revenue | | 91 || 2 | January 02 | Cost of Goods Sold | 46 | || | | Inventory | | 46 || 3 | January 16 | Accounts Receivable | 130 | || | | Sales Revenue | | 130 || 4 | January 16 | Cost of Goods Sold | 65 | || | | Inventory | | 65 || 5 | January 18 | Inventory | 64 | || | | Accounts Payable | | 64 || 6 | January 19 | Accounts Receivable | 130 | || | | Sales Revenue | | 130 || 7 | January 19 | Cost of Goods Sold | 130 | || | | Inventory | | 130 || 8 | January 24 | Inventory | 80 | || | | Accounts Payable | | 80 || 9 | January 31 | Cost of Goods Sold | 15 | || | | Inventory | | 15 |**Note:** The entries are marked as correct (✔) or incorrect (✘) based on whether they are complete and accurate.This exercise helps to understand and apply the principles of a perpetual inventory system in tracking sales, cost of goods sold, and inventory management.

Under perpetual inventory system, the cost of goods sold is recorded at time of every sales.

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.

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.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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