Inventory Shrinkage Chart of Accounts Journal Instructions Novelty Furnishings Company's perpetual inventory records indicate that S755,000 of merchandise should be on hand on November 30, 20Y1. The physical Inventory indicates that $742,000 of merchandise is actually on hand, Journalize the adjusting entry for the inventory shrinkage for Novelty Furnishings Company for the year evided 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 fines for journal explanations Every line on a journal page is used for debitor credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered Instruction Journal Journize the adusting entry for the inventory shrinkage for Novelly Furnishings Company for the year ended November 30, 2011. Assume that the inventory svinkamo 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 journa page is used for dedit or credit entries. CNOW journals will automatically indent a credt entry when a credit amount is entered PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REK DEBIT CREDIT ASSETS LIABILITIES EQUIT Adjusting Entries 2