The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31. The physical inventory indicates that $402,820 of merchandise is actually on hand.

Journalize 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.

The records of Penny Co. indicated that $406,070 of merchandise should be on hand on December 31 . The physical inventory indicates that $402,820 of merchandise is actually on hand. Journalize 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