7. T. M. Sulivan Supplies had merchandise imvontory that cost $1,500. The markot value of the merchandise irventory is $900. What value shouid T. M. Sulivan Supples show on the balance sheet for merchandise inventory? Record the adjusting ontry, if one is needed. What value should T. M. Sullivan Supplies show on the balance theet for merchandise inventory? A. $2,400 B. $600 c. $900 D. $1,500 Recoed the adjusting entry, if one is needed. (Record debits fint, then crodits. Seloct an explanation on the last line of the journal entry table. For situations that do not requirt an entry, make sure to select "No entry required" in the first input field in the "Accounts and Esplanations" column and leave all other input fields biank.) i explanation on the last line of the journal and Explanations" column and leave all of