Alt Tile Company uses a perpetual inventory system a. The inventory account has a balance of $133,150, while the physical inventory count indicates that $130,900 of merchandise is on hand. Assume any shrinkage is a normal amount. b. Sales refunds and allowances of $11,000 and merchandise returns of $8,000 are estimated for the current year's sales Journalize the December 31 adjusting entries based on the above information. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31