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Telo Company's ledger on July 31, its fiscal year-end, shows merchandise inventory of $44,300 before accounting for any shrinkage. A physical count of its
Telo Company's ledger on July 31, its fiscal year-end, shows merchandise inventory of $44,300 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 $42,500. Prepare the entry to record any inventory shrinkage.
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