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Find Which of entries is required to record the? shrinkage

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Reference no: EM132946244

Problem 1: The Merchandise Inventory account of a company shows a balance of $70,000 but a physical count of inventory shows $64,000. Which of the following entries is required to record the shrinkage? (Assume a perpetual inventory system.)

a. Cost of Goods Sold 6000
Shrinkage Expense 6000

b. Cost of Goods Sold 6000
Merchandise Inventory 6000

c. cash 6000
Merchandise Inventory 6000

d. Merchandise Inventory 6000
Cost of Goods Sold 6000

Reference no: EM132946244

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