1. Adjusting and Correcting Entries For each of the following independent situations, give the journal entries to adjust and correct the books at the end of 2018 . In all situations you are to assume that the company in question closes its books on December 31 of each year. The company uses the perpetual inventory method. A. Merchandise at a cost of $20,000 was counted twice in the December 31, 2017 imventory. A. Merchandise at a cost of 335,000 was excluded from the Decimber 31, 2016 inventory, The inwentory at the end of 2017 was correctly computed. C. The company performed a physical inventorr on December 31,2018 that indicated that the correct inventory balance is 542,500 . The imventory balance in the compary records en December 31,2018 is 44,400 D. The company performed a plrnical inwentory on December 31,2018 that inficated that the correct imentory balance is 822,000 . The campany expetienced extensive flooding in the warehouse on December 29. 2018, The irwentary bulance in the company records on December 31,2018 is 14,000