The trial balance for a merchandiser 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. )

Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Owner,Withdrawals account.

Question

The trial balance for a merchandiser 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. )
  
Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Owner,Withdrawals account.

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The Answer of The trial balance for a merchandiser 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. )
  
Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Owner,Withdrawals account.

The Trial Balance for a Merchandiser Is as Follows