The trial balance for a merchandiser,before the journal entries below,is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. )

Prepare the journal entry to record the inventory shrinkage and prepare all closing entries.Omit explanations.

Question

The trial balance for a merchandiser,before the journal entries below,is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. )
  
Prepare the journal entry to record the inventory shrinkage and prepare all closing entries.Omit explanations.

Quizplus · Accepted Answer

The Answer of The trial balance for a merchandiser,before the journal entries below,is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. )
  
Prepare the journal entry to record the inventory shrinkage and prepare all closing entries.Omit explanations.

The Trial Balance for a Merchandiser,before the Journal Entries Below,is