Teramycin Inc.’s perpetual inventory records indicate that $715,275 of merchandise should be on hand on January 31, 2008. The physical inventory indicates that $698,150 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Teramycin Inc. for the year ended January 31, 2008.

Teramycin Inc.’s perpetual inventory records indicate that $715,275 of merchandise should be on hand on January 31, 2008. The physical inventory indicates that $698,150 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Teramycin Inc. for the year ended January 31, 2008.

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Description: Teramycin Inc.’s perpetual inventory records indicate that $715,275 of merchandise should be on hand on January 31, 2008. The physical inventory indicates that $698,150 of merchandise is actually on hand. Journalize the adjusting entry for the invent

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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