The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. $$\begin{array}{l}
\text { Journal }\
\begin{array} { | l | l | l | l | l | }
\hline \text { Date } & \text { Description } & \begin{array} { l }
\text { Post. } \
\text { Ref. }
\end{array} & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}
\end{array}$$

Question

The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. $$\begin{array}{l}
\text { Journal }\
\begin{array} { | l | l | l | l | l | } 
\hline \text { Date } & \text { Description } & \begin{array} { l } 
\text { Post. } \
\text { Ref. }
\end{array} & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

The Answer of The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. $$\begin{array}{l}
\text { Journal }\
\begin{array} { | l | l | l | l | l | } 
\hline \text { Date } & \text { Description } & \begin{array} { l } 
\text { Post. } \
\text { Ref. }
\end{array} & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}
\end{array}$$

The Records of Penny Co