Madison Company's perpetual inventory records indicate that $542,030 of merchandise should be on hand on October 31. The physical inventory count indicates that $508,960 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not require an entry, leave it blank. October 31

Madison Company's perpetual inventory records indicate that $542,030 of merchandise should be on hand on October 31. The physical inventory count indicates that $508,960 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not require an entry, leave it blank. October 31

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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