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Castle Furnishings Companys perpetual inventory records indicate that $713,650 of merchandise should be on hand...

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Accounting

Castle Furnishings Companys perpetual inventory records indicate that $713,650 of merchandise should be on hand on November 30, 2016. The physical inventory indicates that $702,450 of merchandise is actually on hand.

Journalize the adjusting entry for the inventory shrinkage for Castle Furnishings Company for the year ended November 30, 2016. Assume that the inventory shrinkage is a normal amount. Refer to the Chart of Accounts for exact wording of account titles.

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