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Required information [The following information applies to the questions displayed below.] Kangaroo Jim Company reported...

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Accounting

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Required information [The following information applies to the questions displayed below.] Kangaroo Jim Company reported beginning inventory of 200 units at a per unit cost of $25. It had the following purchase and sales transactions during the year: January 14 5old 120 units at unit sales price of $45 on account. April 9 Purchased 110 additional units at a per unit cost of $25 on account. septenber 2 Sold 110 units at a sales price of $50 on account. Decenber 31 Counted inventory and determined 80 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.) 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.)

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