Kangaroo Jim Company reported beginning inventory of 110 units at a per unit cost of...
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Kangaroo Jim Company reported beginning inventory of 110 units at a per unit cost of $20. It had the following purchase and sales transactions during the year: Jan 14 Sold 30 units at unit sales price of $40 on account. Apr. 9 Purchased 20 additional units at a per unit cost of $20 on account. Sept. 2 Sold 55 units at a sales price of $55 on account. Dec. 31 Counted inventory and determined 45 units were still on hand. Required: (a) Record each transaction, assuming that Kangaroo Jim Company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of inventory. Activate Windows Go to Settings to activa (b) Record each transaction, assuming that Kangaroo Jim Company uses 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 Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction January 14 Activate Windo
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