Crane Electronics uses a perpetual inventory system which, at the company's year$-$end December $31,2023,$ indicated an inventory value of $$1,035,750.$ A physical inventory count was conducted and it was determined that the inventory value was $$995,675.$

Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

inv

Inventory Over and Short

eTextbook and Media

List of Accounts