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d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675,400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. Part II Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000.

d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675,400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. Part II Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675,400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. Part II Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000.
Transcribed Image Text:d. Ripken Company's perpetual inventory system indicate that the Inventory account has a balance of $675,400 as at December 31, 2019. However, a physical count shows that the inventory on hand has a cost of only 663,800. Journalize the entry for the inventory shrinkage for Ripken Company for the year ended December 31, 2019. Assume that the inventory shrinkage is a normal amount. Explanation for the journal entry is NOT required. Part II Venus Company is a retailer of fine leather goods and prepares its financial statements on December 31 each year. The company's inventory balance at the beginning of the year (January 1) was $300,000. Venus Company purchased $250,000 of goods during January, and sales during January were $400,000.
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