The Inventory account for Brady Company had a balance of $137,900 at the end of its fiscal

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The Inventory account for Brady Company had a balance of $137,900 at the end of its fiscal year. A physical count taken at year end revealed that the value of inventory on hand amounted to $136,400.
Requirements
1. Journalize the adjustment for inventory shrinkage.
2. What could cause the inventory balance according to the physical count to be different from the ledger balance?
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Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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