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Office Outfitters Inc., which uses a perpetual inventory system, experienced a inventory shrinkage of $3,750. What accounts would 1w increased and decreased to record the adjustment for the inventory shrinkage at the end of the accounting period?
Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
Office Outfitters Inc., which uses a perpetual inventory system, experienced a inventory shrinkage of $3,750. What accounts would 1w increased and decreased to record the adjustment for the inventory shrinkage at the end of the accounting period?
Concept Introduction:
An organization can be manufacturing, servicing of merchandising type. For a manufacturing business the activities are manufacturing, payment to the supplier, sales, and receipts from the customer. For a merchandiser, the main business activities are the purchase, payment to the supplier, sales, and receipts from the customer. For a servicing business, the main business activities are the purchase, payment to the supplier, services, and receipts from the customer.
To Indicate:
The effect of inventory shrinkage on the account and financial statements
Explanation of Solution
The effect of inventory shrinkage on the account and financial statements is explained as follows:
| # | Account | Account Type | Financial Statement | Amount | Increase or Decrease |
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