: Main Corporation hasoperated a branch in Cavite for oneyear. Shipments are billed to thebranch at cost. The branch carries itsown accounts receivable, makes itsown collections, and pays its ownexpenses. The branch reported aninventory on December 31, 2021:Outsiders, P3,391; Home office, P7,625The transactions for the year are giveneffect to in the trial balance below:(see image)DebitP 5,040AccountsCreditCashHome Office CurrentP 21,00025.000Purchases from outsidersShipments from Home OfficeAccounts receivableExpenses......Interest expense.56,21615,3607,500684Gain on sale of equipment.Sales8,80080.000P109.800P109.80010. Using the same informalion above,determine the branch current accountin the Horne Office books on January1, 2022.

the Head Office in its books opens an Account “Branch Current” Account, which is also a running…

: 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, P7,62 The transactions for the year are give effect to in the trial balance below: (see image) Debit P 504 Accounts Cash......... Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. Gain on sale of equipment. Sales 25.00 56,21 15,36 7,50 6E P109.80 10. Using the same informalion above determine the branch Curren+ accO

: 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, P7,62 The transactions for the year are give effect to in the trial balance below: (see image) Debit P 504 Accounts Cash......... Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. Gain on sale of equipment. Sales 25.00 56,21 15,36 7,50 6E P109.80 10. Using the same informalion above determine the branch Curren+ accO

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Can you pleace check what answer and solution is correct for the letter c. 1st answer is 552,000 and the other one is 300,000. Note: 1st image is the solution for letter a and b On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020? b. In the preceding problem,…
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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
Can you pleace check what answer and solution is correct for the letter c. 1st answer is 552,000 and the other one is 300,000. Note: 1st image is the solution for letter a and b Problem On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000. a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020? b. In the preceding…
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