When Swifty counted its inventory on June 30, it determined that there were 120 books with a total cost of $1,422. Record the adjusting entry for the inventory theft or shrinkage. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation June 30 Cost of Goods Sold Inventory Debit 1024 Credit 1024 Swifty Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Swifty's inventory consists of 270 books purchased at $17 each. Swifty uses a perpetual inventory system. Return rates in the book industry are high, with Swifty experiencing a 15% return rate historically. During the month of June, the following merchandise transactions occurred: June 1 3 Purchased 170 books on account for $15 each from Reader's World Publishers, terms n/45. Sold 240 books on account to The Book Nook for $25 each, with an assumed average cost of $16, terms n/45. 5 Received a $150 credit for 10 books returned to Reader's World Publishers. 00 8 9 Sold 72 books on account to Read-A-Lot Bookstore for $27 each, with an assumed average cost of $16, terms n/45. Issued a $351 credit memorandum to Read-A-Lot Bookstore for the return of 13 damaged books. The books were determined to be no longer saleable and were destroyed. Purchased 130 books on account for $16 each from Read More Publishers, terms n/45. 11 12 Received payment in full from The Book Nook. 17 Received payment in full from Read-A-Lot Bookstore. 22 25 Sold 125 books on account to Reader's Bookstore for $26 each, with an assumed average cost of $16, terms n/45. Granted Reader's Bookstore a $416 credit for 16 returned books. These books were restored to inventory. 29 Paid Reader's World Publishers in full