Welosethings, inc. currently reports $500,000 of inventory on its trial balance. management just performed an inventory count and found only $485,000 of inventory. what account should be debited to record this shrinkage?

Shrinkage expense

Explanation:

The journal entry is shown below:

Shrinkage expense A/c Dr $15,000

       To Inventory A/c $15,000

(Being the shrinkage is recorded)

The computation is shown below"

= Current inventory amount - actual inventory amount

= $500,000 - $485,000

= $15,000

Simply we debited the shrinkage expense account and credited the inventory account so that the correct posting can be done

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