Prepare journal entries to record the following transactions of a company during the current year:
Definitions:
Service Inventories
Assets held by a service business to support service delivery, including physical items, information, and capacities.
Cycle-Counting Personnel
Employees responsible for periodically counting inventory items to ensure accuracy without interrupting daily operations.
Inventory Holding Cost
The total cost incurred by holding inventory, including storage, insurance, spoilage, and opportunity costs.
Carrying Costs
Expenses associated with maintaining inventory, including storage, insurance, and opportunity costs.
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