At the beginning of the year, Snapit had $11,000 of Inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of Inventory at year-end shows $12,000 of Inventory exists. Prepare the entry to record Inventory shrinkage. View transaction list Journal entry worksheet < 1 Record the inventory shrinkage. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cost of goods sold Record entry Clear entry View general journal