4. Use Selected balances from Company's Branch A and B are as follows:(see image below) All sales, collections, and expenses are handled at thebranch. All cash received from sales and collections are sent directly tothe Home Office. Expenses are paid by the branch from the imprest fundand immediately reimbursed by the Home Office and credited to theHome Office account. All expenses paid by the branch are recorded in thebooks of the branch. Compute the balance of the Home Office accounton January 1, 2021 in the books of a. Branch A and b. Branch B *Branch ABranch BInventory, Jan. 1, 2021.Imprest Branch Fund...Inventory, Dec. 31, 2021..A/Receivable, Jan. 1, 2021..Merchandise from Home Office..P21,000P19,0002,00019,0001,50055,00061,00012,00043,50047,000A/Receivable, Dec. 31, 2021.Cash Collections....Sales.....70,00085,000100,00021,00053,50070,00080,000Cash Expenses.14,300

In order to calculate balance of home office account we will do assets-liabilities.

Answered: Compute the balance of the Home Office…

Business

Accounting

Compute the balance of the Home Office 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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

4. Use Selected balances from Company's Branch A and B are as follows:
(see image below) All sales, collections, and expenses are handled at the
branch. All cash received from sales and collections are sent directly to
the Home Office. Expenses are paid by the branch from the imprest fund
and immediately reimbursed by the Home Office and credited to the
Home Office account. All expenses paid by the branch are recorded in the
books of the branch. Compute the balance of the Home Office account
on January 1, 2021 in the books of a. Branch A and b. Branch B *
Branch A
Branch B
Inventory, Jan. 1, 2021.
Imprest Branch Fund...
Inventory, Dec. 31, 2021..
A/Receivable, Jan. 1, 2021..
Merchandise from Home Office..
P21,000
P19,000
2,000
19,000
1,500
55,000
61,000
12,000
43,500
47,000
A/Receivable, Dec. 31, 2021.
Cash Collections....
Sales.....
70,000
85,000
100,000
21,000
53,500
70,000
80,000
Cash Expenses.
14,300

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