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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) QUESTION: Using the same information above, shipments t

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) QUESTION: Using the same information above, shipments t

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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)

QUESTION:

Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022

Debit P 5,040 Accounts Credit Cash. P 21,000 Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable . Expenses .. Interest expense. Gain on sale of equipment. Sales ..... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800
Transcribed Image Text:Debit P 5,040 Accounts Credit Cash. P 21,000 Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable . Expenses .. Interest expense. Gain on sale of equipment. Sales ..... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800
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