Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31

Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31

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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Question Content Area

The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 of merchandise is actually on hand.

Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
December 31

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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