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  • Problem 11-9: Home Office and Branch Accounting - General Procedures

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    Trisha Pascual
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    1) The branch recorded a shipment from the home office of $57,600 and operating expenses of $8,100 as adjusting entries. 2) In its closing entries, the branch recorded sales of $778,200, inventory balances, and amounts due to and from the home office. 3) The home office recorded the branch's net income of $116,990 as an investment in the branch and received a cash remittance from the branch.

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    Problem 11-9 Advacc

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    1) The branch recorded a shipment from the home office of $57,600 and operating expenses of $8,100 as adjusting entries. 2) In its closing entries, the branch recorded sales of $778,200, inventory balances, and amounts due to and from the home office. 3) The home office recorded the branch's net income of $116,990 as an investment in the branch and received a cash remittance from the branch.

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    8 views5 pages

    Problem 11-9: Home Office and Branch Accounting - General Procedures

    Uploaded by

    Trisha Pascual
    1) The branch recorded a shipment from the home office of $57,600 and operating expenses of $8,100 as adjusting entries. 2) In its closing entries, the branch recorded sales of $778,200, inventory balances, and amounts due to and from the home office. 3) The home office recorded the branch's net income of $116,990 as an investment in the branch and received a cash remittance from the branch.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 5

    Problem 11-9

    Home Office and Branch Accounting - General


    Procedures
    Branch Books

    Adjusting Entries

    Shipment from home office 57,600


    Operating expenses (P4,200+P3,900) 8,100
    Home Office 65,700
    Closing Entries
    Sales 778,200
    Inventory, 12/31 122,180
    Inventory, 1/1 47,800
    Shipment from HO (P623,200+P57600) 680,800
    Operating expenses 54,790
    Income Summary 116,990

    Income Summary 116,990


    Home Office 116,990
    Home Office Books
    Accounts receivable 470
    Investment in branch 330
    Cash(P20,000-19200) 800

    Investment in branch 116,990


    Branch Income 116,990
    Reconciliation Statement
    Home Office Books Branch Books
    (Investment in Branch) (Home Office)
    Unadjusted balances, P 206,344 P140,974
    12/31
    Error in recording 20,000 -
    remittance to branch

    Shipment in transit - 57,600


    Expenses charged to - 8,100
    branch
    Branch Net Income 116,990 116,990
    Freight erroneously (470) -
    charged to branch
    Cash remittance in (19,200) -
    transit to HO
    Adjusted balances, P323,664 P323,664
    12/31

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