2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write-down its inventory to LCM. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2. Prepare the journal entry that Peterson Furniture Designs would record on December 31 to write-down its inventory to LCM. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record inventory write down to LCM Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal