On December 3, 2009, the home office of Jimin Company recorded a shipment of merchandise to its Makati Branch as follows: Makati Branch P30,000 Shipments to Branch P25,000 Unrealized Profit in Branch inventory 4,000 Cash (for freight charge) 1,000 The Makati branch sells 40% of the merchandise to outside entities during the rest of December 2009. The books of the home office and Jimin are closed on December 31 of each year. On January 5, 2010, the Makati branch transfer half of the original shipment to the Taguig branch, and the Makati branch pays P500 as the shipment. Required: 1. Provide the journal entries on the books of Makati Branch in respect to January 5, 2010 transfer: 2. Provide the journal entries on the books of Taguig Branch in respect to January 5, 2010 transfer: 3. Provide the journal entries on the books of Jimin Company in respect to January 5, 2010 transfer:
On December 3, 2009, the home office of Jimin Company recorded a shipment of merchandise to its Makati Branch as follows:
Makati Branch P30,000
Shipments to Branch P25,000
Unrealized Profit in Branch inventory 4,000
Cash (for freight charge) 1,000
The Makati branch sells 40% of the merchandise to outside entities during the rest of December 2009. The books of the home office and Jimin are closed on December 31 of each year.
On January 5, 2010, the Makati branch transfer half of the original shipment to the Taguig branch, and the Makati branch pays P500 as the shipment.
Required:
1. Provide the
2. Provide the journal entries on the books of Taguig Branch in respect to January 5, 2010 transfer:
3. Provide the journal entries on the books of Jimin Company in respect to January 5, 2010 transfer:
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