Moises Corporation has two branch, Branch Ollie and Branch Ver. The Home Office shipped P 5,000 of merchandise to Branch Ollie and prepaid the freight charges of P 300. A short time thereafter, Branch Ollie was instructed to reship this merchandise to Branch Ver at a prepaid freight cost of P 500. Freight charges for this merchandise normally cost P 600 when shipped from the home office directly to Branch Ver. Required: a. Prepare journal entries in the books of Branch Ollie. b. Prepare journal entries in the books of Branch Ver. c. Prepare journal entries for the home office.

Moises Corporation has two branch, Branch Ollie and Branch Ver. The Home Office shipped P 5,000 of merchandise to Branch Ollie and prepaid the freight charges of P 300. A short time thereafter, Branch Ollie was instructed to reship this merchandise to Branch Ver at a prepaid freight cost of P 500. Freight charges for this merchandise normally cost P 600 when shipped from the home office directly to Branch Ver. Required: a. Prepare journal entries in the books of Branch Ollie. b. Prepare journal entries in the books of Branch Ver. c. Prepare journal entries for the home office.

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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