• No journal entry required
• Accumulated depreciation
• Buildings
• Cash
• Common stock
• Cost of goods sold
• Deferred rent revenue
• Depreciation expense
• Dividends
• Equipment
• Income tax expense
• Income tax payable
• Insurance expense
• Interest expense
• Interest payable
• Interest revenue
• Inventory
• Notes payable
• Operating expenses
• Paid-in capital - excess of par
• Patent
• Prepaid insurance
• Rent revenue
• Retained earnings
• Salaries expense
• Salaries payable
• Treasury stock

In 2021, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2020, B & B's inventories were $33.8 million (FIFO). B & Bs records indicated that the inventories would have totaled $24.7 million at December 31, 2020, if determined on an average cost basis. Ignoring income taxes, what journal entry will B & B use to record the adjustment in 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet