Try another version of this question Carla’s Furniture’s unadjusted Merchandise Inventory account at year-end is $62,350. The physical count of inventory came up with a total of $60,860. Journalize the adjusting entry needed to account for inventory shrinkage.
Date Description Debit Credit December 31 December 31 Date Description Debit Credit December 31 COGS 1,490 December 31 Merchandise Inventory 1,490