Instructions Chart of Accounts General Journal Instructions Alt Tile Company uses a perpetual inventory system. a. The inventory account has a balance of $133,150, while the physical Inventory indicates that $130,900 of merchandise is on hand. Assume any shrinkage is a normal amount b. Sales returns of $11,000 and merchandise returns of $8,000 are estimated for the current year's sales Required: Journalize the December 31 adjusting entries based on the above information. Refer to the Chart of Accounts for exact wording of account titles General Ledger REVENUE ASSETS 110 Cash 120 Accounts Receivable 410 Sales 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customer Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends General Journal JOURNAL ACCOUNTING EQUATION ASSETS LIABILITIES DATE DESCRIPTION POST REF POST. REF. DEBIT CREDIT Adjusting Entries