Cheyenne Skateshop Ltd. reports the following inventory transactions for its skateboards for the month of April. The company uses the perpetual inventory system. When the company counted its inventory at the end of April, it counted only 24 skateboards on hand. What journal entry, if any, should the company make to record this shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually and Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Units 30 Unit Cost Total Cost $47 $1,410 15 42 630 Date Explanation Apr. 1 Beginning inventory 6 Purchases 9 Sales 14 Purchases 20 Sales 28 Purchases (35) 740 20 (25) 720 Determine the cost of goods sold and cost of ending inventory using average cost. ( Cost of Goods Sold Cost of Ending Inventory $ When the company counted its inventory at the end of April, it counted only 24 skateboards on hand. What journal entry, if any, should the company make to record this shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually and Round answers to 2 decimal places, e.g. 1.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts If the company had not discovered this shortage, identify what accounts would be overstated or understated and by what amount. (Round answers to 2 decimal places, e.g. 1.25.) Merchandise Inventory Cost of Goods Sold Retained Earnings