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Journalize the adjusting entry for the inventory shrinkage

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The records of Penny Co. indicated that $396,480 of merchandise should be on hand on December 31. The physical inventory indicates that $393,310 of merchandise is actually on hand.

Problem 1: Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank.

Reference no: EM132678799

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