At the beginning of the year, Snapit had $11,000 of Inventory. During the year, Snaplt purchased...

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At the beginning of the year, Snapit had $11,000 of Inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of Inventory at year-end shows $12,000 of Inventory exists. Prepare the entry to record Inventory shrinkage. View transaction list Journal entry worksheet < 1 Record the inventory shrinkage. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cost of goods sold Record entry Clear entry View general journal At the beginning of the year, Snapit had $11,000 of Inventory. During the year, Snaplt purchased $37,000 of merchandise and sold $31,500 of merchandise. A physical count of Inventory at year-end shows $12,000 of Inventory exists. Prepare the entry to record Inventory shrinkage. View transaction list Journal entry worksheet < 1 Record the inventory shrinkage. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Cost of goods sold Record entry Clear entry View general journal

Answer rating: 100% (QA)

To record the inventory shrinkage we need to adjust the Cost of Goods Sold COGS acco... View the full answer