Seemore Lens Company $($SLC$)$ sells contact lenses FOB destination. For the year ended December $31,$ the company

reported Inventory of $$79,000$ and Cost of Goods Sold of $$438,000.$

$3$

points

a$.$ Included in Inventory $($and Accounts Payable$)$ are $$11,800$ of lenses SLC is holding on consignment.

b$.$ Included in SLC$\text{'}$s Inventory balance are $$5,900$ of office supplies held in SLC$\text{'}$s warehouse.

c$.$ Excluded from SLC$\text{'}$s Inventory balance are $$8,900$ of lenses in the warehouse, ready to send to customers on

January $2.$ SLC reported these lenses as sold on December $31,$ at a price of $$16,800.$

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d$.$ Included in SLC$\text{'}$s Inventory balance are $$3,450$ of lenses that were damaged in December and will be scrapped in

January, with zero realizable value.

Required:

For each item, $($a$)-($d$),$ prepare the journal entry to correct the balances presently reported. $($If no entry is required for a

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

To record the elimination of consignment inventory,

which does not belong to SLC$.$

Note: Enter debits before credits.