(Answered) Refer to the information in e7- 2a included in inventory

Accounting

Refer to the information in E7- 2.

a. Included in Inventory (and Accounts Payable) are $ 10,000 of lenses held on consignment.

b. Included in the Inventory balance are $ 5,000 of office supplies held in SLC's warehouse.

c. Excluded from the Inventory balance are $ 8,000 of lenses in the warehouse, ready to send to customers on January 1. SLC reported these lenses as sold on December 31, at a price of $ 15,000.

d. Included in the Inventory balance are $ 3,000 of lenses that were damaged in December and will be scrapped in January, with no recoverable value.

Required:

For each item, (a) and (d), prepare the journal entry to correct the balances presently reported. If a journal entry is not required, indicate so.

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