Question: Merrill Company s perpetual inventory records indicate that 975 000 of merchandise
Merrill Company's perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2015. The physical inventory indicates that $894,750 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Merrill Company for the year ended October 31, 2015. Assume that the inventory shrinkage is a normal amount.
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