Business, 13.03.2020 22:16 xaviercarrasco04

Madison Company’s perpetual inventory records indicate that $535,500 of merchandise should be on hand on October 31. The physical inventory indicates that $504,580 is actually on hand. Required: Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. Refer to the Chart of Accounts for exact wording of account titles.

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