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Prepare the entry to record any inventory

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Reference no: EM13905760

Nix It Company's ledger on July 31, its fiscal year end, includes the following selected accounts that have normal balances (Nix It uses the perpetual inventory system).

Merchandise inventory . . . . . . . . $ 37,800
T. Nix, Capital . . . . . . . . . . . . . . . 115,300
T. Nix, Withdrawals . . . . . . . . . . . 7,000
Sales . . . . . . . . . . . . . . . . . . . . . . . 160,200
Sales discounts . . . . . . . . . . . . . . . 4,700
Salaries expense . . . . . . . . . . . . . . 32,500
Depreciation expense . . . . . . . . . . 10,300
Cost of goods sold . . . . . . . . . . . . 105,000
Sales returns and allowances . . . . $ 6,500
Miscellaneous expenses . . . . . . . . 5,000

A physical count of its July 31 year end inventory discloses that the cost of the merchandise inventory still available is $ 35,900. Prepare the entry to record any inventory shrinkage. 

Reference no: EM13905760

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