You applied for a position of Accounts Receivable Supervisor, at a prestigious company. Your evaluation, during the interview process, is the completion of the below test in accounting, comprising six (6) questions. The competition for the position is strong, with twenty applicants still in the running. (Clarity of presentation will be a factor in the evaluation). The following unadjusted and adjusted trial balances were taken from the current years accounting system for High Point. Inc. In general journal form, present the six adjusting entries that explain the changes in the account balances front the unadjusted to the adjusted trial balance. Using the lower of cost or market valuation for ending inventory, applied separately for each item of stock, prepare the journal to adjust the inventory balance, if necessary. A company had the following purchase during the current year