7. T. M. Sullivan Supplies had merchandise inventory that cost $1,500. The market vatue of the merchiandise inventory is $900. What value should T. M. Sulivan Supples shew on the balance sheet for merchandiso inventory? Record the adjusting entry, 1 one is needed. What value should T, M. Sullivan Supplies show on the balance sheot for merchandise inventery? A. $2,400 D. $600 C. $900 D. $1,500 Record the adjusting antry, if one is needed, (Record debits first, then credas. Select an explanation on the last line of the joumal entry table. For situationa that do not require an entry, make sure to select "No entry required" in the first input fiold in the "Accounts and Explanations" column and loave alt other input felds blank)