At the beginning of the year, Snapit had $10,400 of inventory. During the year, Snaptt purchased $35,800 of merchandise and sold $30,600 of merchandise. (Note from Dr. Beck: So, how much inventory should the company have at the end of the year?) A physical count of inventory at year-end shows $11,400 of inventory exists. Prepare the entry to record inventory shrinkage. View transaction list Journal entry worksheet Record the inventory shrinkage. Note: Enter debits before credits Date Dec 31 General Journal Debit Credit Record entry Clear entry View general journal