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What adjusting journal entry required to record inventory

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Problem - Merchandise inventory shrinkage

The perpetual inventory records indicate that $210,725 of merchandise should be on hand on December 31, 1998. The physical inventory indicates that $204,975 of merchandise is actually on hand. What is the adjusting journal entry required to record inventory shrinkage for the year ended December 31, 1998? Show your solution and underline the final answer.

Reference no: EM132532560

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