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$950. Mulberry St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $5,400. The cost associated with the physical count of inventory on

$950. Mulberry St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $5,400. The cost associated with the physical count of inventory on hand on June 30, 2024, was $4,900. In addition, Mulberry St. Book Shop estimated approximately $1,500 of merchandise sold will be returned with a cost of Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Joumalize the adjustment for estimated sales returns.

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