The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. Journal Date Description Post. Ref. Debit Credit \begin{array} { | c | c | c | c | c | } \hline & & { ext { Journal } } \\hline ext { Date } & ext { Description } & \begin{array} { c } ext { Post. } \ ext { Ref. }\end{array} & ext { Debit } & ext { Credit } \\hline & & & & \\hline & & & & \\hline\end{array} Date Description Journal Post. Ref. Debit Credit

Question

The records of Penny Co. indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31.    Journal   Date   Description   Post.   Ref.   Debit   Credit  \begin{array} { | c | c | c | c | c | } \hline & &  { 	ext { Journal } } \\hline 	ext { Date }  &  	ext { Description }  &  \begin{array} { c } 	ext { Post. } \	ext { Ref. }\end{array}  &  	ext { Debit }  &  	ext { Credit } \\hline  &   &   &   &  \\hline  &   &   &   &  \\hline\end{array}  Date  ​  Description  ​  Journal   Post.   Ref.  ​ ​  Debit  ​  Credit  ​ ​

Ahmad Jundi · Accepted Answer

Final Answer :   Journal   Date   Description   Post.   Ref.   Debit   Credit   Dec. 31   Cost of Merchandise Sold  45 , 000  Merchandise Inventory  45 , 000 \begin{array} { | c | c | c | c | c | } \hline  & & { 	ext { Journal } } \\hline 	ext { Date }  &  	ext { Description }  &  \begin{array} { c } 	ext { Post. } \	ext { Ref. }\end{array}  &  	ext { Debit }  &  	ext { Credit } \\hline 	ext { Dec. 31 }  &  	ext { Cost of Merchandise Sold }  &   &  45,000  &  \\hline  &  	ext { Merchandise Inventory }  &   &   &  45,000 \\hline\end{array}  Date   Dec. 31  ​  Description   Cost of Merchandise Sold   Merchandise Inventory  ​  Journal   Post.   Ref.  ​ ​  Debit  45 , 000 ​  Credit  45 , 000 ​ ​

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