3. The home office of Mang Do Co. ships goods to lloilo branch billing the branch for the goods at P45,000, excluding freight of P6,000. Upon receipt of the goods, Illoilo branch was instructed by the home office to transfer these goods to Cagayan de Oro branch. Iloilo branch ships the goods and paid P4,500 for the transfer. If the goods had been shipped by the home office directly to Cagayan de Oro branch, the freight would have been P6,500. What is the journal entry to record receipt of shipment in the books of Cagayan de Oro branch?
3. The home office of Mang Do Co. ships goods to lloilo branch billing the branch for the goods at P45,000, excluding freight of P6,000. Upon receipt of the goods, Illoilo branch was instructed by the home office to transfer these goods to Cagayan de Oro branch. Iloilo branch ships the goods and paid P4,500 for the transfer. If the goods had been shipped by the home office directly to Cagayan de Oro branch, the freight would have been P6,500. What is the journal entry to record receipt of shipment in the books of Cagayan de Oro branch?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The home office of Mang Do Co. ships goods to lloilo branch billing the branch for the
goods at P45,000, excluding freight of P6,000. Upon receipt of the goods, lloilo branch was
instructed by the home office to transfer these goods to Cagayan de Oro branch. Iloilo branch
ships the goods and paid P4,500 for the transfer. If the goods had been shipped by the home
office directly to Cagayan de Oro branch, the freight would have been P6,500.
What is the journal entry to record receipt of shipment in the books of Cagayan de Oro branch?
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