The records of Penny Co.indicated that $415,000 of merchandise should be on hand on December 31.The physical inventory indicates that $370,000 of merchandise is actually on hand.Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. 
Definitions:
Cholelithiasis
The medical condition characterized by the formation of gallstones within the gallbladder or bile ducts.
Acute Cholecystitis
Acute cholecystitis is the sudden inflammation of the gallbladder, often caused by gallstones, leading to severe abdominal pain.
Sclerosing Cholangitis
A chronic disease that involves the inflammation and hardening of the bile ducts, leading to blockage and liver damage.
Alcoholic Cirrhosis
A liver disease characterized by irreversible scarring caused by prolonged, excessive alcohol consumption.
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