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Zenith Company's Merchandise Inventory account at year-end has a balance of $91,820, but a physical count reveals that only $90,450 of inventory exists. The
Zenith Company's Merchandise Inventory account at year-end has a balance of $91,820, but a physical count reveals that only $90,450 of inventory exists. The adjusting entry to record this $1,370 of inventory shrinkage is Multiple Choice O O O Account Title Debit Credit Cost of Goods Sold 1,370 Merchandise Inventory 1,370 Account Title Merchandise Inventory Inventory Shrinkage Expense Debit Credit 1,370 1,370 Account Title Inventory Shrinkage Expense Cost of Goods Sold Debit 1,370 Credit 1,370 Account Title Cost of Goods Sold Debit 90,450 Credit Merchandise Inventory 90,450
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