Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 per unit and a market value of $30 per unit. Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A Record the journal entry to adjust the inventory account. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company
has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of
relaxed-fit jeans with a cost of $28 per unit and a market value of $30 per unit.
Required:
Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
A
Record the journal entry to adjust the inventory account.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 per unit and a market value of $30 per unit. Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the journal entry to adjust the inventory account. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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