You are given the following information for Sheridan Company for the month ended November 30, 2017:

Date		Description		Units				Unit Price
Nov. 1		Beginning inventory			65			$48
9		Purchase			110			45
15		Sale			(120)
22		Purchase			145			44
29		Sale			(150)
30		Purchase			42			42

Sheridan Company uses a perpetual inventory system. All sales and purchases are on account.

Cost of goods sold $12,250

Ending inventory $3,964

Assume the sales price was $66 per unit for the goods sold on November 15, and $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (I will answer this Gross Profit for November $4,670

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MY Question is:

Assume that at the end of November, the company counted its inventory. There are 89 units on hand. What journal entry, if any, should the company make to record the shortage? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation	Debit	Debit
Cost of Goods Sold
Merchandise Inventory
Revised gross profi