1 Telo Company's ledger on July 31, its fiscal year-end, shows merchandise inventory of $43,300 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 $41,600. Prepare the entry to record any inventory shrinkage. nts 00:59:32 Print View transaction list Journal entry worksheet 1 Record the adjustment for inventory shrinkage based on physical count. The company uses the perpetual inventory system. Note: Enter debits before credits. Date July 31 Record entry General Journal Clear entry Debit Credit View general journal

Telo Company's ledger on July 31, its tiscal year-end, shows merchandise inventory of $43,300 before occounting for any shrinkage. A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $41,600. Prepare the entry to record any inventory shrinkage. Journal entry worksheet Record the adjustment for inventory shrinkage based on physical count. The company uses the perpetual inventory system. Note: Enter debits before credits