Adjusting Journal Entries ot Cut |Copy | Paste The year under audit is Year 3. Jax Reinco, CPA, discovered the following items while auditing the inventory account of EFM Inc. For each independent situation, record the adjusting journal entry for Year 3, if necessary If no journal entry is required, select No Journal Entry Required. For each journal entry, double-click on the account name and select the appropriate account For each account determine the appropriate debit or credit amount. Numbers should be rounded to the nearest whole dollar. Some lines may be left blank 1. Goods in the shipping area were excluded from inventory although shipment was not made until January 2. Year 4. The goods, billed on account for $100,000 on December 30, Year 3, were shipped FOB shipping point. The goods had a cost of $80,000. Account Name Debit Credit =Reminder Directions 4 Previous Next