Question

The Inventory account for RV Repair Service Company had a balance of $126,800 at the end of its fiscal year. A physical count taken at year end revealed that the value of inventory on hand amounted to $124,700.

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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  • CreatedApril 29, 2014
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