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Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 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. Date Account Debit Credit December 31

Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 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. Date Account Debit Credit December 31

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 4SEB: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...
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The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 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.

Date Account Debit Credit
December 31
 
    
 
 
    
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