Home Hardware reported beginning inventory of 30 shovels, for a total cost of $270. The company had the following transactions during the month:
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 10 shovels on account at a selling price of $14 per unit. Record the transaction.
4.Record the cost of goods sold under the perpetual inventory system.
5.Bought 8 shovels on account at a cost of $9 per unit. Record the transaction.
6.Sold 10 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.
8.Bought 10 shovels on account at a cost of $9 per unit. Record the transaction.
9.t month end, counted inventory and determined that 22 units were on hand. Record the "book-to-physical" adjustment.
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.)