Solution-Find which entries is required to record the

Find which entries is required to record the shrinkage

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Reference no: EM132809768

Problem 1: The Merchandise Inventory account of Prof. Shu Catering LLC. shows a balance of $30,000, but a physical count of inventory shows $29,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)

Option 1: Cash 1,000?
Merchandise Inventory? 1,000

Option 2: Cost of Goods Sold 1,000?
Shrinkage Expense? 1,000

Option 3: Merchandise Inventory 1,000?
Cost of Goods Sold ?1,000

Option 4: Cost of Goods Sold 1,000?
Merchandise Inventory? 1,000

Reference no: EM132809768

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Find which entries is required to record the shrinkage

Reference no: EM132809768

Reference no: EM132809768

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