Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $78,000 and Cost of Goods Sold of $436,000. a. Included in Inventory (and Accounts Payable) are $11,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,800 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,800 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 $16,600. d. Included in SLC's Inventory balance are $3,400 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.) View transaction list Journal entry worksheet Included in Inventory (and Accounts Payable) are $11,600 of lenses held on consignment. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $78,000 and Cost of Goods Sold of $436,000. a. Included in Inventory (and Accounts Payable) are $11,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,800 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,800 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 $16,600. d. Included in SLC's Inventory balance are $3,400 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.) View transaction list Journal entry worksheet SLC reported these lenses as sold on December 31, at a price of $16,600. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit C-2 Record entry Clear entry View general journal Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $78,000 and Cost of Goods Sold of $436,000. a. Included in Inventory (and Accounts Payable) are $11,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,800 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,800 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 $16,600. d. Included in SLC's Inventory balance are $3,400 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (a)-(a), 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.) View transaction list Journal entry worksheet
