a. The home office inadvertently faxed a note to the branch informing the branch of a collection of one of the home office's customers amounting to P23,000. This amount was ignored by the branch's accountant. b. The branch returned merchandise to the home office worth P 256,000. This was not the item ordered by the branch. The accountant of the home office was not able to update the records pertaining to this transaction. c. Merchandise worth P66.340 is still in transit to the branch. d. The branch accountant recorded a merchandise worth P245,000 as P254,000. e. The home office collected an account receivable of the branch amounting to P35,670. The home office accountant repeatedly sent a note to the branch regarding this collection. The branch, in error, recorded the amount twice in its books. f. The branch accountant became aware of the transposition error he committed when he recorded the receipt of the merchandise and made the correcting entry accordingly. g. The branch's net income was not recorded by the home office. The branch reported a net income of P366,920. Compute for the unadjusted balance of the Home Office Current account.

a. The home office inadvertently faxed a note to the branch informing the branch of a collection of one of the home office's customers amounting to P23,000. This amount was ignored by the branch's accountant. b. The branch returned merchandise to the home office worth P 256,000. This was not the item ordered by the branch. The accountant of the home office was not able to update the records pertaining to this transaction. c. Merchandise worth P66.340 is still in transit to the branch. d. The branch accountant recorded a merchandise worth P245,000 as P254,000. e. The home office collected an account receivable of the branch amounting to P35,670. The home office accountant repeatedly sent a note to the branch regarding this collection. The branch, in error, recorded the amount twice in its books. f. The branch accountant became aware of the transposition error he committed when he recorded the receipt of the merchandise and made the correcting entry accordingly. g. The branch's net income was not recorded by the home office. The branch reported a net income of P366,920. Compute for the unadjusted balance of the Home Office Current account.

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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