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The records of Penny Co indicated that $415,000 of merchandise should be on hand on...

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Accounting

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The records of Penny Co indicated that $415,000 of merchandise should be on hand on December 31. The physical inventory indicates that $370,000 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31 Journal Description Post. Ref. Date Debit Credit

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