Included in the accounting records of the home office and Mad Branch, respectively of Haler Company were the followingledger accounts for the month of January.Investment in Mad Branch (In home office accounting records)CreditDate ExplanationJan 1 BalanceDebitBalanceP117,600 Dr129,600124,800122,400132,000Shipment of merchandiseReceipt of cashCollection of branch accounts receivableP12,0009212731P4,8002,400Shipment of merchandise9,600Home Office Current (In Mad Branch accounting records)CreditExplanationDateJan 1 Balance101928DebitBalanceP117,600 Cr129,600124,800121,200116,700115,200Receipt of merchandiseRemittance of cashP12,000P4,8003,6004,5001,500Acquisition of furnitureReturn of excess merchandise3031Remittance of cashREQUIREMENTS:1. Compute for the reconciled amounts of the reciprocal accounts2. Prepare reconciling entries in the books of Haler Company and Mad Branch

Branch Accounting It is important in the maintenance of Branch account with the Home office account…

19 Remittance of cash 28 30 31 Acquisition of furniture Return of excess merchandise Remittance of cash P4,800 3,600 4,500 1,500 124,800 121,200 116,700 115,200 REQUIREMENTS: 1. Compute for the reconciled amounts of the reciprocal accounts 2. Prepare reconciling entries in the books of Haler Company and Mad Branch

19 Remittance of cash 28 30 31 Acquisition of furniture Return of excess merchandise Remittance of cash P4,800 3,600 4,500 1,500 124,800 121,200 116,700 115,200 REQUIREMENTS: 1. Compute for the reconciled amounts of the reciprocal accounts 2. Prepare reconciling entries in the books of Haler Company and Mad Branch

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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Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. a. b. a. S b. $ Merchandise (Invoice Amount) $5,550 2,600 Freight Paid by Seller $700 300 Freight Terms FOB destination, 2/10, n/30 FOB shipping point, 1/10, n/30 Returns and Allowances (Invoice Amount) $1,300 800