At the beginning of the year, SnapIt had $12,400 in inventory. During the year, SnapIt bought $39,800 of products and sold $33,600 of products. A physical inventory count at year-end shows $13,400 of inventory available. Prepare entry to record inventory shrinkage.

Save inventory shrinkage in journal entry worksheet

Answer rating: 100% (QA)

Journal Entry for Inventory Shrinkage Date Account Title Debit Credit YearEnd Cost of Goods Sold 100... View the full answer