Instructions Chart of Accounts Journal Instructions Omega Tire Co.'s perpetual inventory records indicate that $2,938,400 of merchandise should be on hand on August 31, 2018. The physical inventory indicates that $2,879,900 of merchandise is actually on hand. 6. Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. 7. Chart of Accounts CHART OF ACCOUNTS Omega Tire Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 142 Prepaid Insurance 180 Land 526 Salaries Expense 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 531 Rent Expense 533 Insurance Expense 525 Depreciation Expense-Office Equipment 180 Land 192 Store Equipment 526 Salaries Expense 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 218 Salaries Payable 710 Interest Expense 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journal Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries