Ex 5 1) At year end the perpetual records of Greta Co. showed a balance of $98,000 in the Merchandise Inventory account. The company did a year end inventory count and the actual inventory on hand was, $96,500. Please show the adjusting journal entry required. Account Name Debit Credit 2) Greta runs a perpetual system for inventory costs. At year end, it is estimated that 3% of total Sales, $535,000, will be the amount of Sales that will be returned during the next year. This will bring back an estimated $9,550 of Inventory. Please show the appropriate 2 Adjusting Entries needed. 2 a) Account Name Debit Credit b) c) Which of these Adjusting Entries would be done if Greta Co. was instead running a periodic intentory system? d) Where in the Financial Statements would the other Adjusting Entry amount be shown? Ex 6 When using a perpetual inventory system, how many closing entries does a merchandising company have, and describe these.