At its fiscal year-end of June 30, Kendall Wholesale's general ledger shows the following selected account balances. Kendall Wholesale uses the perpetual inventory system.Merchandise Inventory$60,000Sales940,000Sales discounts16,000Sales returns and allowances8,000Cost of goods sold456,000?A physical count of its June 30 year-end inventory discloses that the cost of the merchandise inventory still available is $58,160. Prepare the entry to record any inventory shrinkage.
What will be an ideal response?
| June 30 | Cost of goods sold | 1,840 |
| ? | Merchandise Inventory | Â | 1,840 |
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What will be an ideal response?