JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ 's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ 's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1MP

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On June 30, 2021, Alpha Co.'s Mega branch showed a Home Office account balance of $2,735 and the Home Office books showed an investment branch Mega of $2,555. The following additional information is given: Home office was charged for $120 for merchandise returned by Mega branch (merchandise is in transit) $1,200 shipment, charged by Home Office to Mega branch was actually sent and retained by Taco branch. Home office collects a Mega branch accounts receivable of $360 and fails to notify the branch. $1,500 shipment, intended and charged to Pasta branch was shipped to Mega branch and retained by the latter $200 emergency cash transfer from Spaghetti branch was not recorded in the Home Office books Home office erroneusly recorded Mega's net income for May 2021 at $1,627.5 The branch reported a net income of $1,267.5 What is the reconciled amount of the Home Office and Mega branch reciprocal amount?
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On December 31, the Investment in Branch account on the home office books of the SG Company shows a balance of P168,000. The following are some of the transactions between the home office and the branch: a. Merchandise billed at P12,300 was shipped by the home office to the branch on December 28. The merchandise is in transit and has not been recognized on the books of the branch. b. The branch collected a home office accounts receivable of P50,000 but failed to notify the home office of this collection. c. The home office was charged P12,800 when the branch returned merchandise to the home office on December 31. The merchandise is in transit. d. The home office recorded incorrectly the branch net income for November at P22,500. The branch reported net income of P25,200. The unadjusted balance of the Home Office account was:
Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express…
Habana Crown, a trading business owned by Norhan Fahl, enters into the following selected sales transactions in September 2021: Sept. 2 Sold merchandise to Davao Star, P250,000, FOB shipping point, 2/10. n/30, freight prepaid, P6,000. Journalize the foregoing entry.
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The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards,…