Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: Debit P 5,040 Accounts Credit Cash . Home Office Current. P 21,000 Purchases from outsiders. 25.000 56,216 15,360 7,500 Shipments from Home Office Accounts receivable Expenses..... Interest expense. Gain on sale of equipment. 684 8,800 Sales... 80,000 P109.800 P109.800

Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: Debit P 5,040 Accounts Credit Cash . Home Office Current. P 21,000 Purchases from outsiders. 25.000 56,216 15,360 7,500 Shipments from Home Office Accounts receivable Expenses..... Interest expense. Gain on sale of equipment. 684 8,800 Sales... 80,000 P109.800 P109.800

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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