Adjusting Entry for Inventory Shrinkage Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 2014. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31, 2014. If an amount box does not require an entry, leave it blank. Accounts Payable Cash Cost of Goods Sold Inventory Sales Returns and Allowances Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items. Chase Company Jessup Inc. Osterman Company Snyder Co. Sales $483,900 $1,179,000 Cost of goods sold $413,200 $416,300 Gross profit $81,300 $ 271,600 $352,100 $277,400