Last year bell-bottom jeans were fashionable and this year

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Last year bell-bottom jeans were fashionable and this year boot cut jeans are are in style. A retail company's inventory has 375 bell-bottom jeans that cost $17 each and could be replaced for $15. The inventory also includes 1,000 boot cut jeans that cost $16 each and could be replaced for $19. Prepare the journal entry that would be used to make the adjustment, and show the effects of the adjustment on the accounting equation.

Reference no: EM13485155

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