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ttc007
Jun 11, 2008, 10:33 AM
Hi,

If I did a inventory count I came up with a loss of about $8k, to record this loss what would be the journal entry under a peroidic and a perpetual system?

Also is there a difference between inventory loss and shrinkage?
delite
Jun 12, 2008, 08:43 PM
remove invenotry for shortage amount/charge shortage to cost of good sold.
delite
Jun 12, 2008, 08:43 PM
remove inventory for shortage amount/charge shortage to cost of good sold.
wahabchohan
Jun 16, 2008, 03:04 AM
Retained earning...............Dr
inventory......................... Cr.
delite
Jun 17, 2008, 08:08 AM
r/e/inventory
ditto for shrinkage.....