1) The trial balance for a merchandiser is as follows. A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand. (Assume a perpetual inventory system.) Credit Debit $12,600 2,400 800 30,000 Cash Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Notes Payable Owner, Capital $4,200 1,000 800 13,800 1,000 96,000 Owner, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Selling Expense Supplies Expense Total 1,600 400 23,000 21,000 14,000 8,500 500 S115.800 S115.800 Give journal entry to record the inventory shrinkage, and the entries to close the Sales Revenue account, the expense accounts and contra revenue accounts with a debit balance, and the the Income Summary account the Owner, Withdrawals account and net income (loss)