Question 5 (3 points) Dwight, Inc. is in its year-end process. You are assigned to go over the following event and prepare in the space provided any adjusting journal entry necessary to bring the accounts up-to-date on December 31, 2017, the fiscal year-end of Dwight, Inc. Event: All purchases of Merchandise Inventory are debited to Cost of Goods Sold when received at the company's warehouse. A physical count of Merchandise Inventory on December 31, 2017, revealed that merchandise inventory costing $52,000 was still on hand. The $60,000 balance in Merchandise Inventory represents its merchandise inventory on hand at January 1, 2017. The Cost of Goods Sold balance is currently showing $560,000 (3 points)