AJE-C VALLEY PUBLISHING COMPANY INVENTORY ADJUSTING ENTRIES 12/31/x2 1/28/x3 Acct # Dr. Cr. (1) 131 Newsprint Inventory 10,480 421 Vouchers Payable 10,480 to adjust for Voucher 1-06, shipped FOB 12/31/x2 (2) 923 Other Expense 12,716 131 Inventory 12,716 to write-off obsolete inventory, C-5