Telo Company's ledger on July $31,$ its fiscal year$-$end, shows merchandise inventory of $$44,800$ before accounting for any shrinkage. A physical count of its July $31$ year$-$end inventory discloses that the cost of the merchandise inventory still available is $$42,950.$

Prepare the entry to record any inventory shrinkage.

Yow tranasaction llat

Journal entry worksheet

$1$

Record the adjustment for inventory shrinkage based on physical count. The company uses the perpetual inventory system.

Actes Enter debits badere orecity

$\backslash$table$[[$Dale$,$Ceneral Joumal,Bobit,Credit$],[$July $31,,,],[,,,],[,,,],[,,,]]$

$$