7. A B. Phillips Supplies had merchandise inventory that cost $1,400. The market value of the merchandise inventory is $950 What value should Phillips Supplies show on the balance sheet for merchandise inventory? Record the adjusting entry, if one is needed What value should Phillips Supplies show on the balance sheet for merchandise inventory? O A. $1,400 OB. $450 O C. $950 OD. $2,350 Record the adjusting entry, if one is needed. (Record debits first, then credits. Select an explanation on the last line of the journal entry table For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts and Explanations" column and leave all other cells blank.) Date Accounts and Explanations Debit Credit Dec 31