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 $1,331,600, while physical Inventory indicates that $1,301,900 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 $144,110 and merchandise returnt of $63,260 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank Dec 31 Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,600, terms roo shipping point, 2/10, n/30. The cost of the goods sold is $66,960. Shore paid freight of $2,000 Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. Ir an amount box does not require an entry, leave it blank Journalize Blue Star Co's entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $16,700 with terms 1/10,n/30. The cost of the goods sold was $10,020. If an amount box does not require an entry, leave it blank. Feedback b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Feedback c. Refunded $380 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank Feedback Purchases Transactions Nieman Company purchased merchandise an account from Springhill Company for $5,600, terms 1/10, 1/30. Nieman returned merchandise with an invoice amount of $900 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return? Accounts Payable-Springhill Company