Madison Company's perpetual inventory records indicate that $525,960 of merchandise should be on hand on October 31. The physical inventory indicates that $492,470 is actually on hand.

Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not require an entry, leave it blank.

Madison Company's perpetual inventory records indicate that $525,960 of merchandise should be on hand on October 31 . The physical inventory indicates that $492,470 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31 . If an amount box does not require an entry, leave it blank. Oct. 31