eBook Show Me How Calculator Inventory Shrinkage Chart of Accounts Journal Instructions Novelly Furnishings Company's perpetual inventory records indicate that $699,050 of merchandise should be on hand on November 30, 20Y1. The physical inventory indicates that $688,150 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Novelly Furnishings Company for the year ended November 30, 20Y1. Assume that the inventory Shrinkage is a normal amount. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debir or credit entries CNOW Journals will automatically indent a credit entry When a credit amount is entered Inventory Shrinkage Chart of Accounts Journal Instructions X Journal X normal amount Refer to the chart of accounts for the exact wording or the account titles. CNOW Journals do not use lines for journal explanations page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. JOURNAL ACCO DATE POST. REF DEBIT CREDIT ASSETS DESCRIPTION Adjusting Entries Previous Next Check My work