The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31. The physical inventory indicates that $402,820 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. Dec. 31
The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31. The physical inventory indicates that $402,820 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. Dec. 31
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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![The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31. The physical inventory indicates that $402,820 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.
Dec. 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0507d977-40c4-415e-96d7-be834965d5c0%2F9d687f5e-8653-4633-be13-b58998a7998a%2F2zo1ybq_processed.png&w=3840&q=75)
Transcribed Image Text:The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31. The physical inventory indicates that $402,820 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.
Dec. 31
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