Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Cameras: Sony Canon Light meters: Gossen Sekonic Units 4 8 Dec. 31 12 10 Unit Cost $174 149 142 110 Show Transcribed Text Unit NRV $162 Date Account Titles and Explanation 152 147 106 A physical inventory count at December 31 found two badly damaged Canon cameras. It was determined they had no resale value. Prepare the adjusting entry required, if any, to record the damaged cameras. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 3 Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Dineshkaka

Don't upload image please 

Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31:
Cameras:
Sony
Canon
Light meters:
Gossen
Sekonic
Units
4
8
Dec. 31
12
10
Unit Cost
$174
149
142
110
Show Transcribed Text
Unit NRV
$162
Date Account Titles and Explanation
152
147
106
A physical inventory count at December 31 found two badly damaged Canon cameras. It was determined they had no resale
value. Prepare the adjusting entry required, if any, to record the damaged cameras. (List debit entry before credit entry. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts.)
3
Debit
Credit
Transcribed Image Text:Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Cameras: Sony Canon Light meters: Gossen Sekonic Units 4 8 Dec. 31 12 10 Unit Cost $174 149 142 110 Show Transcribed Text Unit NRV $162 Date Account Titles and Explanation 152 147 106 A physical inventory count at December 31 found two badly damaged Canon cameras. It was determined they had no resale value. Prepare the adjusting entry required, if any, to record the damaged cameras. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 3 Debit Credit
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education