At year-end, the perpetual inventory records of Monty Company showed merchandise inventory of $112,410. The company determined, however, that its actual inventory on hand was $110,490. Record the necessary adjusting entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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