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Partnership
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 daughter’s 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 Symington’s action.
Instructions: Your initial response should be no less than 250 words with at least one scholarly
journal reference (dictionary-type websites are excluded). Reply to at least two of your
classmates. Replies to classmates should be a minimum of 100 words and include direct
questions. In-text citations and references must be in APA format. Refer to the Forum Grading
Rubric below for additional guidelines