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