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The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash.
In 2016, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2015, Adonis’s inventories were $47.6 million (average cost). Adonis’s records indicated that the inventories would have totaled$64 million at December 31, 2015, if determined on a FIFO basis. Ignoring income taxes, what journal entry will Adonis use to record the adjustment in 2016?