Last year bell-bottom jeans were fashionable and this year bootcut jeans are. A retail company's inventory has 775 bell-bottom jeans that cost $16.25 each and could be replaced for $18.50. The inventory also includes 1,400 bootcut jeans that cost $19.25 each and could be replaced for $17.25. Prepare the journal entry that would be used to make the adjustment, and show the effects of the adjustment on the accounting equation. (Leave no cells blank; if no effect, select "NE". Omit the "$" sign in your response.) General Journal Debit Credit Accounts payable (Click to select) Assets = Liabilities + Stockholders' Equity Cost of goods sold (Click to select) Inventory (Click to select)