Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 555 units of skinny jeans with a cost of $26 per unit and a market value of $24 per unit. The inventory also includes 1,180 units of relaxed-fit jeans with a cost of $25 per unit and a market value of $28 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 View journal entry worksheet
Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 555 units of skinny jeans with a cost of $26 per unit and a market value of $24 per unit. The inventory also includes 1,180 units of relaxed-fit jeans with a cost of $25 per unit and a market value of $28 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 View journal entry worksheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 555 units of skinny jeans with a cost of $26 per unit and a market value of $24 per unit. The inventory also includes 1,180 units of
relaxed-fit jeans with a cost of $25 per unit and a market value of $28 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 View journal entry worksheet
Transaction
1
No
Inventory
Cost of Goods Sold
General Journal
Debit
3,540
Credit
3,540
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