ssume that a Steer Burger restaurant has the following perpetual inventory record for hamburger patties: ſiew the perpetual inventory record. February 28, the accountant for the restaurant determines that the current replacement cost of the ending merchandise inventory is $515. Make any adjusting entry needed to apply the lower-of-cost-or-market rule. Merchandise inventory would be reported on the balanc heet at what value on February 28? Make any adjusting entry needed to apply the lower-of-cost-or-market rule. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required select "No entry required" on the first line of the journal entry table.) Date Feb. 28 Accounts Debit Credit Perpetual inventory record Cost of Goods Merchandise Date Purchases Sold Inventory on Hand Feb. 9 $ 520 $ 520 Feb. 22 $ 230 290

Hi  Please help with question attached, thanks so much.

Madison Company's perpetual inventory records indicate that $531,630 of merchandise should be on hand on October 31. The physical inventory indicates that $508,250 is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31. If an amount box does not requíre an entry, leave it blank. Oct. 31

Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return ÷