Account balance of merchandise inventory is $15,000. Physical inventory on hand was $2,500. Provide the entry...
Account balance of merchandise inventory is $15,000. Physical inventory on hand was $2,500. Provide the entry to record inventory shrinkage as of December 31.
Homework Answers
| Date | Account title | Debit | Credit |
| Cost of merchandise sold ($15,000-$2,500) | $ 12,500 | ||
| Merchandise inventory | $ 12,500 |
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Account balance of merchandise inventory is $15,000. Physical
inventory on hand was $2,500. Provide the entry...
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