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The Trial Balance for a Merchandiser Is as Follows

Question 65

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The trial balance for a merchandiser is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. )
The trial balance for a merchandiser is as follows.A physical count of inventory at the end of the accounting year reveals $28,000 of inventory on hand.(Assume a perpetual inventory system. ) Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Owner,Withdrawals account.
Give journal entry to record the inventory shrinkage,and the entries to close the Sales Revenue account,the expense accounts and contra revenue accounts with a debit balance,and the the Income Summary account and the Owner,Withdrawals account.

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