Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as an 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 transactions as follows:
Debit Credit
Cost of Goods Sold $10,000: debit
Inventory $10,000: credit
Respond to the following questions and, if appropriate, include personal experience as part of your answers.
How do you feel Symington should have recorded these transactions? Why?
What are the ethical implications of Symington's actions?
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Because to keep how many money did he spend on his daughter weeding and what transaction did he has done
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