Business, 21.01.2021 22:50 LeahAshe123

Nancy and Jason are partners in several gift boutiques in shopping malls. The partners slit profits and losses equally and each takes an annual withdrawal of $80,000. To even out the workload, Nancy travels around the country inspecting the stores. Jason manages the business and does all the accounting. From time to time, the partners use small amounts of store merchandise for personal use. In preparing for his daughter''s wedding, Jason took inventory that cost $10,000. He recorded the transaction with a debit to Cost of Goods Sold and a credit to Merchandise Inventory. Please answer the following questions: 1) Do you think Jason's actions were ethical? Why or why not? 2) How should Jason have recorded this transaction? Remember to respond to at least one other student's posting.

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Nancy and Jason are partners in several gift boutiques in shopping malls. The partners slit profits...

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