Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339,100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31

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Adjusting entries
Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following:
a. The inventory account has a balance of $1,339, 100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If
an amount box does not require an entry, leave it blank.
Dec. 31
b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank.
Dec. 31
Transcribed Image Text:Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,339, 100, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 b. Sales returns of $236,510 and merchandise returns of $70,040 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31
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