Emerson St. John Book Shop uses a perpetual inventory system. Emerson St. John Book Shop's accounts at June 30, 2016, included the following unadjusted balances (Click the icon to view the unadjusted account balances.) The cost associated with the physical count of inventory on hand on June 30, 2016, was $4,700 Requirements 1. Journalize the adjustment for inventory shrinkage 2. Compute the gross profit. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit June 30