The trial balance for a merchandiser is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. )
Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Dividends account.
Definitions:
Stanford Prison Study
A psychological experiment conducted in 1971 by Philip Zimbardo to investigate the effects of perceived power, focusing on the struggle between prisoners and prison officers.
Social Psychologists
Researchers who study how individuals think, feel, and behave in social contexts.
Dramatic Results
Outcomes that are strikingly significant or unexpected, often implying a substantial change or effect.
Just-World Hypothesis
The cognitive bias that assumes that actions always yield morally fair and fitting consequences, essentially that the world is inherently just.
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