A local Chevrolet dealership carries the following types of vehicles:

Because of recent increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks.

Prepare necessary entry to write down inventory from cost to net realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Inventory Items Vans Trucks 2-door sedans 4-door sedans Sports cars SUVs Quantity 2 5 1 6 NO PUN Unit Cost $17,000 16,000 11,000 15,000 27,000 26,000 Unit NRV $15,000 15,000 13,000 18,000 30,000 18,000 Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal