Mema Inc. branch in Cebu began operations on January 2, 2022. During the first year of operations, the home office shipped merchandise to the Malate branch at cost of P250,000. One-fourth of the merchandise remained unsold at the end of 2022. Freight-in of P2,000 on the shipments from the home office was paid by the branch. The home office should make an adjusting entry for freight-in as follows
Mema Inc. branch in Cebu began operations on January 2, 2022. During the first year of operations, the home office shipped merchandise to the Malate branch at cost of P250,000. One-fourth of the merchandise remained unsold at the end of 2022. Freight-in of P2,000 on the shipments from the home office was paid by the branch. The home office should make an adjusting entry for freight-in as follows
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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Mema Inc. branch in Cebu began operations on January 2, 2022. During the first year of operations, the home office shipped merchandise to the Malate branch at cost of P250,000. One-fourth of the merchandise remained unsold at the end of 2022. Freight-in of P2,000 on the shipments from the home office was paid by the branch.
The home office should make an
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