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The records of Penny Co. indicated that $396,120 of merchandise should be on hand on December 31. The physical Inventory indicates that $392,950 of merchandise

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The records of Penny Co. indicated that $396,120 of merchandise should be on hand on December 31. The physical Inventory indicates that $392,950 of merchandise is actually on hand. Joumalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank Dec 31

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