Three Turtles Company’s perpetual inventory records indicate that $543,735 of merchandise should be…

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Three Turtles Company’s perpetual inventory records indicate that $543,735 of merchandise should be on hand on August 31, 2008. The physical inventory indicates that $520,250 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Three Turtles Company for the year ended August 31, 2008.