Kindly answer in good accounting for. THANK YOU VERY MUCH! Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image)  1. Determine the net profit of the Cavite Branch for 2021. 2. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 3. Using the same information

Llang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,500 of merchandise on credit (that had cost $983,300), terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $670,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable would be uncollectible. Year 2 e. Sold $1,561,900 of merchandise (that had cost $1,258,400) on credit, terms n/30. f. Wrote off $33,800 of uncollectible accounts receivable. g. Received $1,195,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.50 % of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…

During its first year of operations, Sheridan Company had credit sales of $3,596,600; $660,700 remained uncollected at year-end. The credit manager estimates that $43,200 of these receivables will become uncollectible.     Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit               List of Accounts                     Prepare the current assets section of the balance sheet for Sheridan Company. Assume that in addition to the receivables it has cash of $92,200, inventory of $134,100, and prepaid insurance of $8,100. (List Current Assets in order of liquidity.) SHERIDAN COMPANYBalance Sheet (Partial)                                                                                               $          $…

April showers sells goods on credit to most of its customers. In order to control its debtor collection system, the company maintaiņs a sales ledger control account. In preparing the accounts for the year to 31 October 2019 the accountant discovers that the total of all the personal accounts in the sales ledger amounts to sh12, 802, whereas the balance on the sales ledger control account is sh12,550. Upon investigating the matter, the following errors were discovered: 1. Sales for the week ending 27 March 2019 amounting to sh850 had been omitted from the control accoun t. 2. A debtor's account balance of sh300 had not been included in the list of balances. &. Cash received of sh 750 had been entered in a personal account as sh570. 4. Discounts allowed totaling sh100 had not been entered in the control account. 5. A personal account balance had been undercast by sh200. a. A contra item of sh400 with the purchase ledger had not been entered in the control account. 1. A bad debt of sh500…

What is the adjusted balance of Accounts Payable on December 31,2021?

During July 2022, Midtown Catering recorded the following: - Catering services of $86,400 were provided ($64,500 on account, $21,900 for cash) - Collections on account, $58,950 - Write-offs of uncollectible receivables, $2,560 - Recovery of receivable previously written off, $1,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Omit explanations. Prepare the journal entry for the write off of the accounts receivable.

Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 3rd December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 4000 Credit Purchase return and allowances OMR 4000 d. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000

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On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan.  5   Sold $3,450 of merchandise to Rian Company, terms n/30. Feb.  2   Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. 12   Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. 26   Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr.  5   Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12   Collected Cato Company note in full. June  2   Collected Rian Company note in full. 15   Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due.     Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…

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