A Company's Ledger Shows an Inventory Balance of $20,000 and a Physical

question 39

Essay

A company's ledger shows an Inventory balance of $20,000 and a physical count of the inventory shows $19,000.Please provide the adjusting entry needed to record the shrinkage.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Constructive Thought Patterns

Positive and productive ways of thinking that contribute to problem solving, decision making, and personal growth.

Self-monitoring

Is the extent to which individuals regulate their own behavior to adapt to the demands of social situations, often to maintain social acceptability.

Task Identity

The level at which an occupation involves completing a whole and identifiable job.

Personal Goal Setting

The practice of establishing objectives for oneself to achieve personal growth, improvement, or success in various aspects of life.