At the beginning of the year, Snaplt had $10,000 of inventory. During the year, Snaplt purchased $35,000 of merchandise and sold $30,000 of merchandise. A physical count of inventory at year-end shows $11,000 of inventory exists. Prepare the entry to record inventory shrinkage. Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Dec 31 15,000 X Cost of goods sold Merchandise inventory 15,000
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