1. Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of
$80,000. To even out the workload, Nance travels around the country inspecting their properties Symington manages the business and serves as the accountant. From
time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000 He
recorded the transactions as follows:
Debit Credit
Cost of Goods Sold $10,000
10,000