III. Complete the following tasks. (40%) 1. Fast Computers has the following transactions in July 2020 related to the purchase and sale of its merchandise inventory. The company's Merchandise Inventory account at month-end showed a balance of 43,000, while the physical count of inventory came up with S42,500. July 1 Purchase of $20,500 worth of computers on account, terms of 2/10, 1/30. 3 Retum of $4,000 of the computers to the vendor, Click Inc. 9 Payment made on account. 12 Sold computers on account for $8,000 to a customer, H. Lester, terms of 3/15, 1/30. The cost of the computers is $4,800. Requirements (10%): 2. Joumalize the purchase and sales transactions for Fast Computers. b. Joumalize the adjusting entry needed to account for the inventory shrinkage. Date Accounts and Explanation Credit Debit July 1