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Required information [The following information applies to the questions displayed below.] Nix'tt Company's ledger on July 31 , its fiscal year-end, includes the following selected

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Required information [The following information applies to the questions displayed below.] Nix'tt Company's ledger on July 31 , its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,250. Prepare the entry to record any inventory shrinkage. Journal entry worksheet Journal entry worksheet Record the adjustment for inventory shrinkage based on physical count. Note: Enter debits before credits

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