Question: Refer to qs and prepare journal entries to close the

Refer to QS and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS.
In QS, Crystal Company’s ledger on July 31, its fiscal year-end includes the following selected accounts that have normal balances (Crystal uses the perpetual inventory system).
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,600. Prepare the entry to record any inventory shrinkage.

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  • CreatedMarch 18, 2015
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