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The records of Penny Co. indicated that $405,410 of merchandise should be on hand on December 31. The physical inventory indicates that $402,170 of

The records of Penny Co. indicated that $405,410 of merchandise should be on hand on December 31. The physical inventory indicates that $402,170 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. Dec. 31

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