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. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal 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. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal