Inventory shrinkage OBJ. 4 Castle Furnishings Companys perpetual inventory records indicate that $675,400 of merchandise should be
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Inventory shrinkage OBJ. 4 Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise should be on hand on November 30, 2016. The physical inventory indicates that $663,800 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2016. Assume that the inventory shrinkage is a normal amount.
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Related Book For
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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