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Pulmonary Company's perpetual inventory records indicate that $237,390 of merchandise should be on hand on June 30, 2016. The physical inventory indicates that $211,280 of merchandise is actually on hand.
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Pulmonary Company's perpetual inventory records indicate that $237,390 of merchandise should be on hand on June 30, 2016. The physical inventory indicates that $211,280 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Pulmonary Company for the year ended June 30, 2016. Assume that the inventory shrinkage is a normal amount.

User MaxZ
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8 votes
8 votes

Answer:

Dr Cost of Merchandise Sold $26,110

Cr Merchandise Inventory $26,110

Step-by-step explanation:

Preparation of the adjusting entry for the inventory shrinkage for Pulmonary Company for the year ended June 30, 2016.

June 30 2016

Dr Cost of Merchandise Sold $26,110

Cr Merchandise Inventory $26,110

($237,390 – $211,280=$26,110)

(Being to record inventory shrinkage)

User KingOfHypocrites
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