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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 37
Adjusting entry for inventory shrinkage
Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31.
Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31.
Explanation
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Under perpetual system after every trans...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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