Question: i need help asap Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 2014. The physical

i need help asap
i need help asap Omega Tire Co.'s perpetual inventory records indicate that
$3,145,000 of merchandise should be on hand on August 31, 2014. The
physical inventory indicates that $3,113,500 of merchandise is actually on hand. Joumalize
the adjusting entry for the inventory shrinkage for Omega Tire Co. for

Omega Tire Co.'s perpetual inventory records indicate that $3,145,000 of merchandise should be on hand on August 31, 2014. The physical inventory indicates that $3,113,500 of merchandise is actually on hand. Joumalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the fiscal year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Omega Tire Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Estimated Returns Inventory 510 Cost of Goods Sold 140 Office Supplies 521 Delivery Expense 141 Store Supplies 522 Advertising Expense 142 Prepaid Insurance 524 Depreciation Expense-Store Equipment 180 Land 192 Store Equipment 193 Accumulated Depreciation- 525 Depreciation Expense- Office Equipment 526 Salaries Expense Store Equipment Store Equipment 526 Salaries Expense 194 Office Equipment 531 Rent Expense 195 Accumulated Depreciation- 533 Insurance Expense Office Equipment 534 Store Supplies Expense 535 Office Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payable 539 Miscellaneous Expense 218 Salaries Payable 710 Interest Expense 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends malze the adjusting entry for the wventory shrinkage for Omega Tire Co for the fiscal year ended August 31 Refer to the Chart of Accounts for exact wording of account des PAGE 10 ACCOUNTING EQUATION JOURNAL ASSETS DET CREDIT LIABILITIES TOUITY POST. REI DATE DESCRIPTION Adjusting Entries 2

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