Ex $61)$ At year end the perpetual records of Jerry's Co$.$ showed a balance of $$98,000$ in the Merchandise Inventory account. The company did a year end inventory count and the actual inventory on hand was, $$96,800.$ Please show the adjusting journal entry required.

$\backslash$table$[[$Account Name,Debit,Credit$],[$:$,,]]$

Jerry's runs a perpetual system for inventory costs. At year end, it is estimated that $2\%$ of total Sales, $$540,000,$ will be the amount of Sales that will be returned during the next year. This will bring back an estimated $$6,500($cost$)$ of Inventory. Please show the appropriate $2$ Adjusting Entries needed.

$\backslash$table$[[$Account Name,Debit,Credit$],[$b$),,],[,,],[,,]]$

c$)$ Which of these Adjusting Entries would be done if Jerome Co$.$ was instead running a periodic intentory system?

d$)$ Using the periodic method, where would the amount in the other adjusting entry be shc

Ex $7$ When using a perpetual inventory system, how many closing entries does a merchandising company ha describe these.