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Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual withdrawal of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughters wedding, Symington took inventory that cost $10,000. He recorded the transaction as follows: debited Cost of Goods Sold for $10,000 and credited Merchandise Inventory for $10,000 Requirements 1. How should Symington have recorded this transaction? 2. Discuss the ethical aspects of Symingtons action. Must be at least 250 words with one academic source cited in APA 6th edition. English grammar must be 100% correct and the writing must be coherent for payment. This is not an essay, just answer the question and follow the directions.

Date Posted: 01/12/2014
Category: General
Due Date: 01/12/2014
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Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual withdrawal of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughters wedding, Symington took inventory that cost $10,000. He recorded the transaction as follows: debited Cost of Goods Sold for $10,000 and credited Merchandise Inventory for $10,000 Requirements 1. How should Symington have recorded this transaction? 2. Discuss the ethical aspects of Symingtons action. Must be at least 250 words with one academic source cited in APA 6th edition. English grammar must be 100% correct and the writing must be coherent for payment. This is not an essay, just answer the question and follow the directions.
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