Telo Companys ledger on July 31, its fiscal year-end, shows merchandise inventory of $37,800 before accounting for
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Telo Company’s ledger on July 31, its fiscal year-end, shows merchandise inventory of $37,800 before accounting for any shrinkage. A physical count of its July 31 year end inventory discloses that the cost of the merchandise inventory still available is $35,900. Prepare the entry to record any inventory shrinkage.
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