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Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $83,000 and Cost of Goods
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $83,000 and Cost of Goods Sold of $446,000. a Included in Inventory (and Accounts Payable) are $12.600 of lenses SLC is holding on consignment b. Included In SLC's Inventory balance are $6,300 of office suppliles held In SLC's warehouse. c Excluded from SLC's Inventory balance are $9,300 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 $17600. d. Included In SLC's Inventory balance are $3,650 of lenses that were damaged In December and wll be scrapped in January. with zero realzable value Requirec: For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for e transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet 4 Included in Inventory (and Accounts Payable) are $12,600 of lenses held on consignment. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal Journal entry worksheet 4 Included in the Inventory balance are $6,300 of office supplies held in SLC's warehouse. Record the transaction. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal Journal entry worksheet 4 d from the Inventory balance are $9.300 of Exclude lenses in the warehouse ready to send to customers on January 2. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit C-1 Record entry Clear entry View general jourmal Journal entry worksheet SLC reported these lenses as sold on December 31, at a price of $17,600. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit c-2 Record entry Clear entry View general jourmal Journal entry worksheet 4 Included in the Inventory balance are $3,650 of lenses that were damaged in December and will be scrapped in January, with no recoverable value. Record the transaction Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal
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