House of Clean Companys perpetual inventory records indicate that $375,000 of merchandise should be on hand on June 30, 2012.

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House of Clean Company’s perpetual inventory records indicate that $375,000 of merchandise should be on hand on June 30, 2012. The physical inventory indicates that $366,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for House of Clean Company for the year ended June 30, 2012. Assume that the inventory shrinkage is a normal amount.

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Related Book For  answer-question

Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

Question Details
Chapter # 6
Section: Practice Exercises
Problem: 11
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Question Posted: May 07, 2012 04:42:07