Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31 , the company reported Inve of $71,000 and Cost of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31 , the company reported Inve of $71,000 and Cost of Goods Sold of $422,000. a. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,100 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 $15,200. d. Included in SLC's Inventory balance are $3,050 of lenses that were damaged in December and will be scrapped in January, wit 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 5 To record the elimination of consignment inventory, which does not belong to SLC. Note: Enter debits before credits. Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000. a. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,100 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 $15,200. d. Included in SLC's Inventory balance are $3,050 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 Nate: Enter debits before credits. Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported inventory of $71,000 and Cost of Goods Sold of $422,000. a. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,100 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 $15,200 d. Included in SLC's Inventory balance are $3,050 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 rectification for recording $5,100 supplies as inventory. Note: Enter debies before credts. Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000. a. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,100 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 $15,200. d. Included in SLC's Inventory balance are $3,050 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 Note: Enter dobits before credits. Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $71,000 and Cost of Goods Sold of $422,000. a. Included in Inventory (and Accounts Payable) are $10,200 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,100 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,100 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 $15,200. d. Included in SLC's Inventory balance are $3,050 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet To record the ellmination of $15,200 sales transaction recorded in December for a sale to be made in January when goods are shipped FOB destination. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions