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Name: Spartan Company's perpetual inventory records indicate that $890,000 o
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Description: Spartan Company's perpetual inventory records indicate that $890,000 of merchandise should be on hand on October 31. The physical inventory count indicates that $876,000 is actually on hand. Journalize the adjusting entry for the inventory shrinkage

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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Spartan Company's perpetual inventory records indicate that $890,000 of merchandise should be on hand on October 31. The physical inventory count indicates that $876,000 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Spartan Company for the year ended October 31.

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