Journal entry worksheet Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a Record entry Clear entry View general journal In applying the lower of cost or market method to LIFO inventory valuation, market is defined as: Multiple Choice FIFO. LIFO. Historical cost Current replacement cost