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At the beginning of the year, Snapit had $10,200 of inventory. During the year, Snapit purchased $35,400 of merchandise and sold $30,300 of merchandise. A physical count of inventory at year-end shows $11,200 of inventory exists. Prepare the entry to record inventory shrinkage. View transaction list Journal entry worksheet Record the inventory shrinkage.

At the beginning of the year, Snapit had $10,200 of inventory. During the year, Snapit purchased $35,400 of merchandise and sold $30,300 of merchandise. A physical count of inventory at year-end shows $11,200 of inventory exists. Prepare the entry to record inventory shrinkage. View transaction list Journal entry worksheet Record the inventory shrinkage.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7 At the beginning of the year, Snaplt had $10,200 of inventory. During the year, Snapit purchased $35,400 of merchandise and sold $30,300 of merchandise. A physical count of inventory at year-end shows $11,200 of inventory exists. Prepare the entry to record inventory shrinkage. eBook View transaction list Journal entry worksheet Record the inventory shrinkage. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:7 At the beginning of the year, Snaplt had $10,200 of inventory. During the year, Snapit purchased $35,400 of merchandise and sold $30,300 of merchandise. A physical count of inventory at year-end shows $11,200 of inventory exists. Prepare the entry to record inventory shrinkage. eBook View transaction list Journal entry worksheet Record the inventory shrinkage. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
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