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A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum 0 mary 0 Invent ory $ 5300

A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum 0 mary 0 Invent ory $ 5300

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum o mary 0 Invent ory "No Entry" $ Invento 3 ry Cost of Goods Sold LA MOO LA MOO Invent ory 0 Cost $ of Goods 0 Sold 0 AMOO SAMOO SAMOO
Transcribed Image Text:A company uses a periodic inventory system and during the December 31, year-end physical inventory count discovered that they have incurred a $300 shrinkage in inventory. The adjusting entry at the end of the year to record this shrinkage would be: Incom $ e 3 Sum o mary 0 Invent ory "No Entry" $ Invento 3 ry Cost of Goods Sold LA MOO LA MOO Invent ory 0 Cost $ of Goods 0 Sold 0 AMOO SAMOO SAMOO
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