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

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

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