After performing a physical count of inventory at the end of the accounting period, it...
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Accounting
After performing a physical count of inventory at the end of the accounting period, it was discovered that the amount of inventory on hand was less than the accounting records reported. The entry to record this inventory shrinkage includes:
a.credit to Inventory
b.debit to Inventory
c.credit to Cost of Goods Sold
d.credit to Purchase Discounts
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