Question Completion Status: QUESTION 6 In the journal entry writing down inventory when applying the lower of cost of net realizable value, the inventory account is credited. What account is debited in the entry? CYA. Loss on write down of inventory, if write-down is not substantial and not unusual OB. Cost of goods sold, if write-down is not substantial and not unusual C. Loss on write down of inventory, if write-down is substantial and unusual D.bandc DE a and b QUESTION 7 Schneider Company uses a perpetual inventory system and the gross method of accounting for cash discounts. On February 5, Schneider purchases $1,000 of merchandise from a supplier with terms 1/15, n/43. On February 15, Schneider pays the amount owed from the purchase on February 5, Save All Answers Click Save and submit to save and submit. Click Save All Answers to save all answers