Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows:

2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. Date General Journal | Debit Credit December 31 Record entry Clear entry View general journal Journal entry worksheet Record inventory write down to LCM/NRV. Note: Enter debits before credits. Date General Journal | Debit Credit December 31 Record entry Clear entry View general journal