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.