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At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt...

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Accounting

At the beginning of the year, SnapIt had $12,400 of inventory. During the year, SnapIt purchased $39,800 of merchandise and sold $33,600 of merchandise. A physical count of inventory at year-end shows $13,400 of inventory exists. Prepare the entry to record inventory shrinkage.

Record the inventory shrinkage on journal entry worksheet

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