Bonnie Denim Company sells blue jeans. Last year, skinny Jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 940 units of skinny Jeans with a cost of $38 per unit and a market value of $34 per unit. The inventory also includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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 Inventory General Journal Debit Credit
Bonnie Denim Company sells blue jeans. Last year, skinny Jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 940 units of skinny Jeans with a cost of $38 per unit and a market value of $34 per unit. The inventory also includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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 Inventory General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Bonnie Denim Company sells blue Jeans. Last year, skinny Jeans were fashionable; this year, relaxed-fit jeans are in style. The
company has 940 units of skinny Jeans with a cost of $38 per unit and a market value of $34 per unit. The inventory also
includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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
: Inventory
Record entry
General Journal
Clear entry
UMMU
4
Debit
Credit
View general Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07f87a3b-86a0-4c2a-bf90-2fea628bc90d%2F8a6b2b04-9c86-4482-9a7a-d8a99eb27b3f%2Fbqkqt2hq_processed.jpeg&w=3840&q=75)
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 940 units of skinny Jeans with a cost of $38 per unit and a market value of $34 per unit. The inventory also
includes 2,360 units of relaxed-fit jeans with a cost of $33 per unit and a market value of $39 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
: Inventory
Record entry
General Journal
Clear entry
UMMU
4
Debit
Credit
View general Journal
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education