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How do you account for the foolowing scenario: Saturday turns out to be a typical hot summer day. Next to Jim's booth is the ‘Corvallis Solar Energy Club' who are proudly displaying their reflective solar mirrors. Ginger related the following facts to Jim, who was at the food court having a late lunch. At 2:30 pm, they were testing out their new remote control alignment system and they mistakenly directed the light of the mirrors on to a tray of truffles which quickly melting them where they lay. Ginger said that 53 truffles became unsellable. When questioned later by Jim, Julie Sechrest, president of the Corvallis Solar Energy Club claimed that her assistant Mysty cannot be held totally responsible because she was hyped-up on ‘energy truffles.' Julie agrees cover the cost of the damaged inventory.

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Category:- Accounting Basics
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