At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased...
At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased $39,800 of merchandise and sold $33,600 of merchandise. A physical count of inventory at year-end shows $13,400 of inventory exists. Prepare the entry to record inventory shrinkage.
Record the inventory shrinkage on journal entry worksheet
Homework Answers
Inventory as per record = 12400+39800-33600= 18600
Inventory as per count = 13400
| No | general journal | debit | credit |
| Cost of goods sold (18600-13400) | 5200 | ||
| Inventory | 5200 | ||
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