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Journalize the adjusting entry for Old Faithful Tile Co

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Reference no: EM132877000

Problem - Adjusting entry for merchandise inventory shrinkage - Old Faithful Tile Co.'s perpetual inventory records indicate that $715,950 of merchandise should be on hand on December 31, 2012. The physical inventory indicates that $693,675 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Old Faithful Tile Co. for the year ended December 31, 2012.

Reference no: EM132877000

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