Maxi Company's perpetual inventory records indicate that $651,900 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $624,300 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Maxi Company for the year ended October 31, 2010.

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The Answer of Maxi Company's perpetual inventory records indicate that $651,900 of merchandise should be on hand on October 31, 2010. The physical inventory indicates that $624,300 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Maxi Company for the year ended October 31, 2010.

Maxi Company's Perpetual Inventory Records Indicate That $651,900 of Merchandise