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​Furniture's unadjusted Merchandise Inventory account at​ year-end is $ 67 comma 000. The physical count of inventory came up with a total of $ 65 comma 600. Journalize the adjusting entry needed to account for inventory shrinkage.

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Explanation:

The journal entry to record the inventory shrinkage is shown below:

Cost of Merchandise sold $1,400

         To Merchandise inventory $1,400

(Being the inventory shrinkage is recorded)

The computation is shown below:  

= Year end unadjusted balance of merchandise inventory - physical count of inventory

= $67,000 - $65,600

= $1,400

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