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.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 1RQ: A firm is preparing to make adjusting entries at the end of the accounting period. The balance of...
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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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