House of clean company's perpetual inventory records indicate that $232,580 of merchandise should be on hand on october 30, 2019. the physical inventory indicates that $207,000 of merchandise is actually on hand. journalize the adjusting entry for the inventory shrinkage for house of clean company for the year ended october 30, 2019. assume that the inventory shrinkage is a normal amount.

Explanation:

The adjusting entry is shown below:

Cost of goods sold A/c Dr $25,580

          To Merchandise inventory A/c $25,580

(Being inventory shrinkage is recorded)

The computation of the inventory shrinkage is shown below:

= Merchandise inventory amount - physical inventory amount

= $232,580 - $207,000

= $25,580

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