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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

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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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
Transcribed Image Text: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
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