Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a...

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,210 units of relaxed-fit jeans with a cost of $26 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.)

Extracted text: Journal entry worksheet A Record the entry for cost of merchandise sold on account from inventories. Note: Enter debits before credits. Transaction General Journal Debit Credit 1