Accounting for shrinkage-perpetual system

Required information Use the following information for the Quick Study below. (The following formation applies to the questions displayed below) Nilt Company's ledger on July 31, its focal year-end, includes the following selected accounts that have normal balances (Nixit uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 42,300 Sales returns and allowances 124,380 Cost of goods sold 7,000 Depreciation expense 150, 100 salaries expense 3.800 Miscellaneous expenses $ 5,600 107.700 11,200 17.000 5.000 A phytic count of its July 31 year-end inventory discloses that the cost of the merchandise inventory 1 valable is 540700 QS 4-9 Accounting for shrinkage-perpetual system LO P3 Prepare the entry to record any inventory shrinkage View transaction list Journal entry worksheet