question archive 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)
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)
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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.
