OBJECTIVE 4 - 1 Iverson Tile Co.'s perpetual inventory records indicate that $675,150 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $649,780 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Iverson Tile Co. for the year ended December 31, 2010.

OBJECTIVE 4 - 1 Iverson Tile Co.'s perpetual inventory records indicate that $675,150 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $649,780 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Iverson Tile Co. for the year ended December 31, 2010.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.29EX: Adjusting entry for inventory shrinkage Omega Tire Co.s perpetual inventory records indicate that...

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