a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in transit on December 31. b. A home office accounts receivable for P10,500 was collected by the branch. Said collection was not reported to the home office by the branch. c. Supplies of P4,500 was returned by the branch to the home office but the home office has not yet reflected in its records the receipt of the supplies. d. The branch made profit of P10,100 for the month of December but the home office erroneously recorded it as P11,180. e. The branch has not received the cash in the amount of P25,000 sent by home office on December 31. This was charged to General Expense account.
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ABC Company operates a branch. At the end of the year, the Branch account in the books of the home office shows a balance of P150,000. The following information is ascertained: (see image below). All other transactions are presumed to have been properly recorded. Determine the adjusted balance of the Home office account on the books of the branch as of December 31?
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- a. The home office inadvertently faxed a note to the branch informing the branch of a collection of one of the home office's customers amounting to P23,000. This amount was ignored by the branch's accountant. b. The branch returned merchandise to the home office worth P 256,000. This was not the item ordered by the branch. The accountant of the home office was not able to update the records pertaining to this transaction. c. Merchandise worth P66,340 is still in transit to the branch. d. The branch accountant recorded a merchandise worth P245,000 as P254,000. e. The home office collected an account receivable of the branch amounting to P35,670. The home office accountant repeatedly sent a note to the branch regarding this collection. The branch, in error, recorded the amount twice in its books. f. The branch accountant became aware of the transposition error he committed when he recorded the receipt of the merchandise and made the correcting entry accordingly. g. The branch's net…2. Your examination of the accounts revealed the following information:1. On December 28, the branch remitted P12,500 in cash to the home office that was not received until January 4.2. Merchandise that was billed to the branch at P7,500 was in transit at December 31.3. The branch failed to take up a P1,200 credit memo from the home office representing the cash collections.4. The branch returned damaged merchandise worth P3,000 but the home office recorded it as P13,0005. The unadjusted balances in the home office and branch books are P23,140 and P14,340, respectively.What is the adjusted balance of Investments in Branch and Home Office accounts on December 31, 2020? *Your examination of the accounts revealed the following information: 1. On December 28, the branch remitted P12,500 in cash to the home office that was not received until January 4. 2. Merchandise that was billed to the branch at P7,500 was in transit at December 31. 3. The branch failed to take up a P1,200 credit memo from the home office representing the cash collections. 4. The branch returned damaged merchandise worth P3,000 but the home office recorded it as P13,000 5. The unadjusted balances in the home office and branch books are P23,140 and P14,340, respectively. What is the adjusted balance of Investments in Branch and Home Office accounts on December 31, 2020?
- On December 31, 2020, the Branch Current in the Home Office books shows a balance of P50,000. The following facts are ascertained: Merchandise billed at P 12,500 is in transit on December 31 from the home office to the branch. The branch collected a home office accounts receivable for P3,500. The branch did not notify the home office of such collection. On December 30, the home office sent cash of P7,500 to the branch, but this was charged to general expense; the branch has not received the cash as of December 31. Branch profit for December was recorded by the home office at P2,400 instead of P2,040. The branch returned supplies of P1,500 to the home office but the home office has not yet recorded the receipt of the supplies. Assume all other transactions have been properly recorded. What is the unadjusted balance of the Home Office Current account on the branch books on December 31, 2020?How should I solve this problem? 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $8,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8.24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash... Accounts Receivable. b. Cash...... Sales Returns and Allowances. Accounts Receivable. c. Cash...... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash...... Sales Discounts.. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400
- The following were found in inter-plant accounts' examination between the Home Office and the TREE Branch: A branch customer erroneously remitted $360 to the home office. The home office recorded this collection on December 23, 2021. The branch has not made any entry. Inventory costing $5,160 was sent to the branch by the home office on December 31, 2021. The billing was at cost, but the branch recorded the transaction at $4,080. A $1,200 branch remittance to the home office initiated on December 27, 2021, was recorded on the home office books on January 3, 2022 A home office inventory shipment to the branch on December 28, 2021, was recorded by the branch on January 4, 2022; the billing of $2, 400 at cost The home office incurred $1,440 of advertising expenses and allocated $600 of this amount to the branch on December 15, 2021. The branch has not recorded this transaction. On December 31, 2021, the Home Office Account on TREE Branch has a balance of $5,280. What is the net…On December 31, 20x10, the Investment in Branch account in the home office’s books has a balance of P369,000. In analyzing the transactions involving the home office and the branch for December, the recipient of the transaction either was not yet notified or erroneously recoded the said transaction. A. A P17,000 remittance initiated on December 27, 20x10 was recorded twice in 20x10. B. A merchandise shipment of P21,000 on December 29, 20x10 was recorded at P12,000 on the same year. C. Advertising expense incurred amount to P9,000. 1/4 of the incurred amount was allocated on December 21, 20x10. Upon notification it was recorded in the amount of P22,500 on December 26, 20x10. D. Inventory costing P8,000 was returned on December 19, 20x10. The billing was at cost, it was still in transit by the end of the year. 3. Compute the amount of the Home Office Current account debited in the preparation of the combined statement of financial position as of December 31, 20x10.Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $161 in cash along with receipts for the following expenditures: transportation-in, $56; postage expenses, $68; and miscellaneous expenses, $141. The petty cashier could not account for a $14 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $475. View transaction list Journal entry worksheet 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 Record entry General Journal Clear entry
- 48. A sales invoice for P 5,200 was computed correctly but, by mistake, was entered as P 2,500 to the sales journal and to the accounts receivable master file. The customer remitted only P 2,500, the amount on his monthly statement. Select the control that should have prevented the misstatement. Group of answer choices Unauthorized remittance deductions made by customers or other matters in dispute are investigated promptly by a person independent of the accounts receivable function. Sales invoice serial numbers, prices, discounts, extensions, and footings are independently checked. The customers’ monthly statements are verified and mailed by a responsible person other than the bookkeeper who prepared them. Prelistings and predetermined totals are used to control postings.Waupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $169 in cash along with receipts for the following expenditures: transportation-in, $60; postage expenses, $73; and miscellaneous expenses, $155. The petty cashier could not account for a $13 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $520. View transaction list Journal entry worksheet < 1 2 3 Prepare the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date September 09 General Journal Debit Credit Record entry Clear entry View general JournalWaupaca Company establishes a $470 petty cash fund on September 9. On September 30, the fund shows $187 in cash along with receipts for the following expenditures: transportation-in, $54; postage expenses, $77; and miscellaneous expenses, $144. The petty cashier could not account for a $8 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $515.