he unadjusted balance of Investment in Branch account of a home office is P364,000. Relevant informationfollows:a. The branch did not record a P24,000 credit memo from the home office.b. The branch did not record a debit memo from the home office amounting to P18,000.c. The home office erroneously recorded twice a P40,000 credit memo from the branch.d. The home office recorded a P60,000 debit memo from the branch as P6,000.e. The branch sent by mistake a P14,000 credit memo to the home office. The home office did notrecord it.
he unadjusted balance of Investment in Branch account of a home office is P364,000. Relevant informationfollows:a. The branch did not record a P24,000 credit memo from the home office.b. The branch did not record a debit memo from the home office amounting to P18,000.c. The home office erroneously recorded twice a P40,000 credit memo from the branch.d. The home office recorded a P60,000 debit memo from the branch as P6,000.e. The branch sent by mistake a P14,000 credit memo to the home office. The home office did notrecord it.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The unadjusted balance of Investment in Branch account of a home office is P364,000. Relevant information
follows:
a. The branch did not record a P24,000 credit memo from the home office.
b. The branch did not record a debit memo from the home office amounting to P18,000.
c. The home office erroneously recorded twice a P40,000 credit memo from the branch.
d. The home office recorded a P60,000 debit memo from the branch as P6,000.
e. The branch sent by mistake a P14,000 credit memo to the home office. The home office did not
record it.
REQUIRED: Determine the following:
9. Adjusted balance of Investment in Branch account _____________
10. Unadjusted balance of the Home Office account
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