Jefferson Corporation uses a periodic inventory system. Selected account balances (all representing normal balances) from Jefferson Corporation's unadjusted trial balance as of December 31, 2019 are as follows: Merchandise Inventory Cost of Sales: Purchases 35,000 0 225,000 Purchase Returns Freight-In 15,000 20,000 A physical inventory as of December 31, 2019 reveals $45,000 of inventory on hand. Using the Excel-base working papers, present either (1) a single compound adjusting entry or (2) a series of adjusting entries, necessitated by the above information. Present entries in general journal format, including explanations for each entry.