Journalize the adjusting entry for the inventory shrinkage

Reference no: EM131971817

Problem

Rodriguez Company's perpetual inventory records indicate that $169,940 of merchandise should be on hand on June 30, 2014. The physical inventory indicates that $156,340 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Rodriguez Company for the year ended June 30, 2014. Assume that the inventory shrinkage is a normal amount.

Reference no: EM131971817

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