Snaplt began the year with $10,000 of inventory. During the year, Snaplt purchased $35,000 of merchandise and sold $30,000 worth. A physical count at year-end showed $14,000 of inventory remaining, indicating $1,000 of inventory shrinkage needs to be recorded.

1. At the beginning of the year. Snaplt had $10.000 of inventory. During the year, Snaplt purchased
$35 , 000 of merchandise and sold $30.000 of merchandise. A physical count of inventory at
year-end shows $14.000 of inventory exists. Prepare the entry to record inventory shrinkage.
Journal entry worksheet Record the itwentory shinkage. Nobe Lnter gebies before chntits.