Inventory Shrinkage Stanley Flooring Company's perpetual inventory records indicate that $1,129,000 of merchandise should be on hand on December 31, 2011. The physical inventory Indicates that $1,109,300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 20Y1. Assume that the inventory shrinkage is a normal amount. If an amount box does not require an entry, leave it blank." Dec. 31 Cost of Merchandise Sold Merchandise Inventory Feedback Check My Work Inventory shrinkage is recorded by decreasing merchandise inventory and increasing cost of merchandise sold for the difference between the perpetual inventory records and the inventory on hand. Rodriguez Company's perpetual inventory records indicate that $240,050 of merchandise should be on hand on October 30, 2011. The physical inventory indicates that $220,850 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Rodriguez Company for the year ended October 30, 20Y1. Assume that the inventory shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Oct. 30 Cost of Merchandise Sold Merchandise Inventory 38 Feedback Check My Work Inventory shrinkage is recorded by decreasing merchandise inventory and increasing cost of merchandise sold for the difference between the perpetual inventory records and the inventory on hand. omer Refunds and Al Assume the following data for Lusk Inc. before its year-end adjustments: Sales for the year Estimated percent of refunds for the year $3,600,000 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. Sales Customer Refunds Payable Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales