Date Account Titles and Explanation Debit Credit 12/31/16 (To close beginning inventory) 12/31/16 To record ending inventory) 12/31/16 (Year end inventory adjustment) 12/31/17 (To close beginning inventory) 12/31/17 (To record ending inventory) 12/31/17 (To record ending inventory) 12/31/17 (Year end inventory adjustment) Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/16 (To close beginning inventory) 12/31/16 (To record ending inventory) 12/31/16 (Year end inventory adjustment) 12/31/17 (To close beginning inventory) 12/31/17 (To record ending inventory) 12/31/17 (Year end inventory adjustment)