Adjusting Entry for Merchandise Inventory Shrinkage Paragon Tire Co.'s perpetual inventory records indicate that $813,580 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $789,170 of merchandise is actually on hand. Journalize the adjusting entry for the normal inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.
Adjusting Entry for Merchandise Inventory Shrinkage Paragon Tire Co.'s perpetual inventory records indicate that $813,580 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $789,170 of merchandise is actually on hand. Journalize the adjusting entry for the normal inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...
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Paragon Tire Co.'s perpetual inventory records indicate that $813,580 of merchandise should be on hand on March 31, 2019. The physical inventory indicates that $789,170 of merchandise is actually on hand.
Journalize the adjusting entry for the normal inventory shrinkage for Paragon Tire Co. for the year ended March 31, 2019.
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