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Modern Furnishings Company's perpetual inventory records indicate that $890,000 of

Modern Furnishings Company's perpetual inventory records indicate that $890,000 of

Modern Furnishings Company's perpetual inventory records indicate that $890,000 of merchandise should be on hand on April 30, 2014. The physical inventory indicates that
$876,250 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Modern Furnishings Company for the year ended April 30, 2014.
Assume that the inventory shrinkage is a normal amount.

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