Question
The records of Penny Co. indicated that $397,150 of merchandise should be on hand on December 31. The physical inventory indicates that $393,973 of merchandise is actually on hand.
Required:
Chart of Accounts
General Journal
PAGE 1
JOURNAL
1
2
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Journalize the adjusting entry for the merchandise inventory shrinkage for the year ended December 31. Refer to the Chart of Accounts for exact wording of account titles. |