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Instructions Madison Company's perpetual inventory records indicate that $875,300 of merchandise should be on hand...

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Accounting

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Instructions Madison Company's perpetual inventory records indicate that $875,300 of merchandise should be on hand on October 31. The physical inventory indicates that $781,900 is actually on hand Required: Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Madison Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable

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