At year$-$end, the perpetual inventory records of Concord Corporation showed merchandise inventory of $$113,100.$ The company determined, however, that its actual inventory on hand was $$110,910.$

Record the necessary adjusting entry. $($Credit occount titles are outomatically indented when omount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the onounts.$)$

Account Titles and Explanation

Debit

Credit