On April 1, French Inc. signs a $600,000 contract with their supplier to produce 2,000,000 units...

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On April 1, French Inc. signs a $600,000 contract with their supplier to produce 2,000,000 units of inventory starting October 1. On July 31, a decrease in production costs reduces the contract's market value to $520,000. Record the July 31 adjusting entry (if necessary). Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed. Date Account Debit Credit On April 1, French Inc. signs a $600,000 contract with their supplier to produce 2,000,000 units of inventory starting October 1. On July 31, a decrease in production costs reduces the contract's market value to $520,000. Record the July 31 adjusting entry (if necessary). Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed. Date Account Debit Credit On April 1, French Inc. signs a $600,000 contract with their supplier to produce 2,000,000 units of inventory starting October 1. On July 31, a decrease in production costs reduces the contract's market value to $520,000. Record the July 31 adjusting entry (if necessary). Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed. Date Account Debit Credit On April 1, French Inc. signs a $600,000 contract with their supplier to produce 2,000,000 units of inventory starting October 1. On July 31, a decrease in production costs reduces the contract's market value to $520,000. Record the July 31 adjusting entry (if necessary). Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed. Date Account Debit Credit

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Journal entry Particulars Debit Credit Allowance to reduce inventory to lo... View the full answer