: Main Corporation hasoperated a branch in Cavite for oneyear. Shipments are billed to thebranch at cost. The branch carries itsown accounts receivable, makes itsown collections, and pays its ownexpenses. The branch reported aninventory on December 31, 2021:Outsiders, P3,391; Home office, P7,625The transactions for the year are giveneffect to in the trial balance below:(see image)DebitP 5,040AccountsCreditCashHome Office CurrentP 21,00025.000Purchases from outsidersShipments from Home OfficeAccounts receivableExpenses......Interest expense.56,21615,3607,500684Gain on sale of equipment.Sales8,80080.000P109.800P109.80010. Using the same informalion above,determine the branch current accountin the Horne Office books on January1, 2022.

the Head Office in its books opens an Account “Branch Current” Account, which is also a running…

: 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, P7,62 The transactions for the year are give effect to in the trial balance below: (see image) Debit P 504 Accounts Cash......... Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. Gain on sale of equipment. Sales 25.00 56,21 15,36 7,50 6E P109.80 10. Using the same informalion above determine the branch Curren+ accO

: 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, P7,62 The transactions for the year are give effect to in the trial balance below: (see image) Debit P 504 Accounts Cash......... Home Office Current Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. Gain on sale of equipment. Sales 25.00 56,21 15,36 7,50 6E P109.80 10. Using the same informalion above determine the branch Curren+ accO

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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