Cullumber Electronics uses a perpetual inventory system which, at the company's year-end December 31, 2023, indicated an inventory value of $1,035,150. A physical inventory count was conducted and it was determined that the inventory value was $996.075. Prepare the journal entry to record the difference between the perpetual inventory record and the physical inventory count.

Answer rating: 100% (QA)

To record the adjustment for the inventory shrinkage difference between the perpetual invent... View the full answer