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dedylja [7]
2 years ago
13

At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased $39,800 of merchandise and sold

$33,600 of merchandise. A physical count of inventory at year-end shows $13,400 of inventory exists. Prepare the entry to record inventory shrinkage.
Record the inventory shrinkage on journal entry worksheet
Business
1 answer:
AveGali [126]2 years ago
4 0

The journal entry to record the inventory shrinkage is :Debit Cost of goods sold $18,600; Credit Inventory $18,600.

<h3>Inventory shrinkage</h3>

Based on the information given the appropriate  the journal entry to record the inventory shrinkage is :

Debit Cost of goods sold $18,600

Credit Inventory $18,600

($12,400+$39,800-$33,600)

(To record inventory shrinkage)

Inconclusion the journal entry to record the inventory shrinkage is :Debit Cost of goods sold $18,600; Credit Inventory $18,600

Learn more about inventory shrinkage here:brainly.com/question/6233622

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