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How journalize adjusting entry for the inventory shrinkage

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Question 1 : The records of Penny Co. indicated that $396,480 of merchandise should be on hand on December 31. The physical inventory indicates that $393,310 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.

Reference no: EM132721402

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