uestion 4 of 4 3.577 Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31. Assume that Sarasota Paper uses a perpetual...

Extracted text: uestion 4 of 4 3.577 Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31. Assume that Sarasota Paper uses a perpetual inventory system and that the company sells any inventory on hand at the end of one month by the end of the next month. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 July 31 August 31


Extracted text: Show Attempt History Current Attempt in Progress You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) Cost/Tonne NRV/Tonne June 30 16,090 $830 $891 July 31 16,760 891 857 August 31 15,640 857 830 (a) Your Answer Correct Answer