Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To close beginning inventory) (To record ending inventory) (To close beginning inventory) (To record ending inventory) Debit [|]] | Credit
Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation (To close beginning inventory) (To record ending inventory) (To close beginning inventory) (To record ending inventory) Debit [|]] | Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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15, please answer the following question, thanks
Transcribed Image Text:Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct
method of adjusting to NRV are used. (Credit account titles are automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
entries.)
Date
Account Titles and Explanation
(To close beginning inventory)
(To record ending inventory)
(To close beginning inventory)
(To record ending inventory)
Debit
TN PUT
Credit
Transcribed Image Text:Sarasota Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2021, 2022,
and 2023, as follows:
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2023
Cost
$76,000
79,000
78,800
Lower of Cost and
Net Realizable Value
$76,000
71,100
69,000
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