Jaguar Inc.s perpetual inventory records indicate that $584,000 of merchandise should be on hand on July 31,

Question:

Jaguar Inc.’s perpetual inventory records indicate that $584,000 of merchandise should be on hand on July 31, 2007. The physical inventory indicates that $560,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Jaguar Inc. for the year ended July 31, 2007.