Lower of Cost or Market: Record Reductions to Market Instructions Chart of Accounts General Journal Instructions Paul Corporation reports the following inventory information: December 31, 2016 Cost $312,000 Market $298.000 Required: Prepare the journal entry to record the reductions to market assuming Pauluses a perpetual inventory system and the direct method Previous Next Emal instructor subma Test for Grading i mentSessionLocator=&inprogress=false Calculator Instructions Chart of Accounts CHART OF ACCOUNTS Chapter 8 General Ledger REVENUE 411 Sales Revenue ASSETS 111 Cash 121 Accounts Receivable 131 Inventory 132 Allowance to Reduce Inventory to Market 141 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 500 Cost of Goods Sold 505 Loss Due to Market Valuation 510 Purchases 531 Salaries Expense Previous Chart of Accounts General Journal Prepare the journal entry to record the inventory reduction to market on December 31 assuming Pauluses a perpetual inventory system and the direct method PAGE 9 GENERAL JOURNAL DATE ACCOUNT TITLE POST, REF, CREDIT Previous Next mar tor Sum Test for Grad All work saved