Reference no: EM131757828

Mackalya is an office secretary at the "All American Office Products Company." This Company sells office supplies and office equipment. The secretary fills the copy machine with paper. Suppose Mackalya was nearly out of paper in the office; so she went out into the sales area of the facility and took 8 boxes (cost $160) of paper from the sales area and brought them back to use in the office. None of that paper has been used yet. What journal entry should be made. What will be the effect on the financial statements if no adjusting entry is made for this transaction. Suppose the Owner's children come to the office and take (with the owner's permission) $60 of office supplies to be used by them. What entry should be made. Explain your answers. Answer all parts of this question.