Exercise 5-14 (Algo) Accounting for shrinkage LO P3 At the beginning of the year, Snaplt had $13,600 of inventory. During the year, Snaplt purchased $42,200 of merchandise and sold $35,400 of merchandise. A physical count of inventory at year-end shows $14,600 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 Dec 31 General Journal Debit Credit Record entry Clear entry View general journal