At its fiscal year-end of June 30, Kendall Wholesale's general ledger shows the following selected account balances. Kendall Wholesale uses the perpetual inventory system.
$$\begin{array} { l l }
\text { Merchandise Inventory } & \$ 60,000 \
\text { Sales } & 940,000 \
\text { Sales discounts } & 16,000 \
\text { Sales returns and allowanees } & 8,000 \
\text { Cost of goods sold } & 456,000
\end{array}$$ A physical count of its June 30 year-end inventory discloses that the cost of the merchandise inventory still available is $58,160. Prepare the entry to record any inventory shrinkage.

Question

At its fiscal year-end of June 30, Kendall Wholesale's general ledger shows the following selected account balances. Kendall Wholesale uses the perpetual inventory system.
 $$\begin{array} { l l } 
\text { Merchandise Inventory } & \$ 60,000 \
\text { Sales } & 940,000 \
\text { Sales discounts } & 16,000 \
\text { Sales returns and allowanees } & 8,000 \
\text { Cost of goods sold } & 456,000
\end{array}$$ A physical count of its June 30 year-end inventory discloses that the cost of the merchandise inventory still available is $58,160. Prepare the entry to record any inventory shrinkage.

Quizplus · Accepted Answer

The Answer of At its fiscal year-end of June 30, Kendall Wholesale's general ledger shows the following selected account balances. Kendall Wholesale uses the perpetual inventory system.
 $$\begin{array} { l l } 
\text { Merchandise Inventory } & \$ 60,000 \
\text { Sales } & 940,000 \
\text { Sales discounts } & 16,000 \
\text { Sales returns and allowanees } & 8,000 \
\text { Cost of goods sold } & 456,000
\end{array}$$ A physical count of its June 30 year-end inventory discloses that the cost of the merchandise inventory still available is $58,160. Prepare the entry to record any inventory shrinkage.

At Its Fiscal Year-End of June 30, Kendall Wholesale's General