When counting inventory, a manager discovered that there were four radios missing. Each radio cost $12.00. Which of the following journal entries would be correct when making the inventory adjustment?
1) Debit Inventory $48.00, Credit Cash $48.00
2) Debit Inventory $48.00, Credit Accounts Payable $48.00
3) Debit Inventory $48.00, Credit Accounts Receivable $48.00
4) Debit Inventory $48.00, Credit Sales $48.00