kindy answer the given problem and show the solution PAUL Trading Co. has a branch in Quezon City. On December 31, 2019, Quezon City Branch account in the home office booksshowed a balance of P338,655. The interoffice accounts were the same at the beginning of the year. For purposed ofreconciling the reciprocal accounts, the following facts were ascertained:a. The home office inadvertently recorded a remittance for P4,800 from its Bacolod Branch as a remittance from its QuezonCity branch.b. The branch failed to take up a P850 debit memo from the home office representing the share of the branch in marketingexpensec. Home office credit memo representing a discount on merchandise for P1,200 was not recorded by the branchd. Advertising expense of P1,225 charge by the home office was taken up twice by the branche. Freight charge on merchandise made by the home office for P1,125 was recorded in the branch books as P1,215f. An equipment costing the home office P2,500 was picked up by the branch as P250 24. What is the net adjustment in the Branch Current account for the year 2019?a. 4,800 debitb. 4,800 creditc. 4,890 debitd. 4,890 credit25. What is the net adjustment in the Home Office Current account for the year 2019?a. 585 debitc. 495 debitd. 495 creditb. 585 credit26. What is the adjusted balance of the reciprocal accounts on December 31, 2019?a.333,855b.343,545c.333,765d. 343,45527. What is the unadjusted balance of the home office account on December 31, 2019a. 341,040c.342.870d. 344,490b. 342,330

Branch account: Branch accounting is a book keeping system in which accounting entries are passed…

Answered: PAUL Trading Co. has a branch in Quezon…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the carrying amount of the note payable on December 31, 2020?
On December 1, 2020, RB Company assigned on a non notification basis accounts receivable of Php.6,000,000 to a bank in consideration for a loan of 80% of the accounts less a 5% service fee on the accounts assigned. The entity signed a note for a bank loan. On December 31, 2020, the entity collected assigned accounts of Php.2,000,000 less discount of Php.200,000. The entity remittted the collections to the bank in partial payment for the loan. The bank applied first the collection to the to the interests and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,00 on the assigned accounts and wrote off assigned accounts totaling Php.300,000. What is the balance of the accounts receivable assigned on December 31, 2020?
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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? Your answer In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? * Your answer In the preceding problem, what is the equity of the assignor in assigned accounts on…
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?
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On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to a bank in consideration for a loan of 80% of the 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. what is the carrying amount of the note payable on December 31, 2020?
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The following accounts and their balances appear in an unadjusted trial balance of JISOO Company as of December 31, 2021: Cash and cash equivalents -₱400,000;Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000;Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is…
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On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to a bank in consideration of a loan 80% of the 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. What is the balance of accounts receivable assigned on December 31, 2020? What is the carrying amount of the note payable on December 31, 2020? what is the equity of the assignor in assigned accounts on December 31, 2020?

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