Merchandise Inventory $ 6,600 39,150 Cost of Goods Sold Sales Revenue 87,000 Sales Discounts 1,700 Sales Returns and Allowances 2,000 Print Done Part 12 Save O Points: 0011 Emerson St. Peter Book Shop nes a perpetual inventory system Cersen St. Peter Book Shop in accounts at June 30, 2016, chisted the followers in thosted belancer (lk the car to view the adjusted account balance The concluded with the physical count of Inventory on hand on ne 30, 2016 was 55.900 Requirements 1. Jonate the desired for inventory shrinkage 2. Compute the gross profi Requirement 1. Joumalize the adjustment for inventory stage Record de the then the Date Accounts and Explanation Det Credit June 30 Cost of Goods Sold Merchandise Inventory Sales Discounts Sales Returns and Allowances Sales Revenue me sa . Ternent 1. s first, then credits. Select the explanation ate Debit Adjustment for inventory shrinkage. Credit 0 Paid cash expenses. To record sale of inventory