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Presented below is information related to Knight Enterprises. Your answer is partially correct.

Prepare the journal entry required at January $31($using the loss method$)$ and entries to adjust it monthly thereafter. $($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Loss Due to Market Decline of Inventory

Allowance to Reduce Inventory to Market

Loss Due to Market Decline of Inventory

Allowance to Reduce Inventory to Market

Allowance to Reduce Inventory to Market

Recovery of Loss Inventory

Apr. $30$

Debit

Credit

Credit