Ethical aspects of symingtons action

Reference no: EM13258221

Hart Nance and Jason Symington operate gift boutiques inshopping malls. The partners split profits and lossesequally, and each takes an annual drawing of $80,000. Inpreparing for his daughter's wedding, Symington took inventory thatcost $10,000. He recorded the transation as follows:

Cost of Goods Sold debited $10,000

Inventory credited $10,000

How should Symington have recorded this transaction? Anddiscuss ethical aspects of Symington's action.

Reference no: EM13258221

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