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NixIt Companys ledger on july 31 its fiscal year-end includes the following selected accounts that have normal balances

Nix'It Company's ledger on july 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system).

 

Merchandise inventory ...... $37,800

T,Nix. Capital........ 115,300

T.Nix, Withdrawls....... 7,000

Sales..... 160,200

Sales discounts.... 4,700

Sales returns and allowances..... $6,500

Cost of goods sold..... 105,000

Depreciation expense..... 10,300

Salaries expense.... 32,500

Miscellaneous expenses..... 5,000

 

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. Prepare the entry to record any inventory shrinkage.

Jul 30 2020 View more View Less

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