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Prepare the journal entry required in this situation

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Question - Boomarang Bros uses a perpetual inventory system. At year end, the inventory account has a balance of $250,000, but a physical count shows that the merchandise on hand has a cost of only $246,000.

a. Explain the probable reason(s) for this discrepancy.

b. Prepare the journal entry required in this situation.

c. Indicate all the accounting records to which your journal entry in part b should be posted.

Reference no: EM133090935

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