The Trial Balance for a Merchandiser,before the Journal Entries Below,is

question 88

Essay

The trial balance for a merchandiser,before the journal entries below,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.)
$$\begin{array} { | l | r | r | } \hline & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 12,600 & \\\hline \text { Accounts Receivable } & 2,400 & \\\hline \text { Prepaid Rent } & 800 & \\\hline \text { Merchandise Inventory } & 30,000 & \\\hline \text { Accounts Payable } & & \$ 4,200 \\\hline \text { Salaries Payable } & & 1,000 \\\hline \text { Notes Payable } & & 800 \\\hline \text { Yung, Capital } &&13,800 \\\hline \text { Yung, Withdrawals } & 1,000 & \\\hline \text { Sales Revenue } & &96,000\\\hline \text { Cost of Goods Sold } &23,000& \\\hline \text { Delivery Expense } & 2,000 & \\\hline \text { Salaries Expense } & 21,000 & \\\hline \text { Rent Expense } & 14,000 & \\\hline \text { Selling Expense } &8,500 \\\hline \text { Supplies Expense }& \underline { 500 } \\\hline \text {Total} & \$ 115,800 & \$ 115,800\\\hline\end{array}$$ Prepare the journal entry to record the inventory shrinkage and prepare all closing entries.Omit explanations.

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