Problem 8-5 The trial balance of Winston Corporation Home Office and its branch on December 31, 2014 is given as follows: Debits WINSTON CORPORATION Trial Balance December 31, 2014 Cash Accounts receivable Inventory, January 1, 2014 Investment in branch Equipment (net) Purchases Shipments from home office Expenses Totals Home office P 30,000 45,000 37,500 60,000 75,000 450,000 75,000 P772,500 Branch P 6,000 24,000 15,000 120,000 15,000 P180,000
Problem 8-5 The trial balance of Winston Corporation Home Office and its branch on December 31, 2014 is given as follows: Debits WINSTON CORPORATION Trial Balance December 31, 2014 Cash Accounts receivable Inventory, January 1, 2014 Investment in branch Equipment (net) Purchases Shipments from home office Expenses Totals Home office P 30,000 45,000 37,500 60,000 75,000 450,000 75,000 P772,500 Branch P 6,000 24,000 15,000 120,000 15,000 P180,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...
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![Credits
Accounts payable
Home office equity
Share capital
Retained earnings, January 1, 2014
Sales
Shipments to branch
Totals
Inventory, December 31, 2014
Required:
a. Prepare the closing entries for the branch.
P 22,500
45,000
120,000
465,000
120,000
P772,500
P 90,000
P 3,000
60,000
117,000
P180,000
P 60,000
259
TIONS GENERAL PROCEDURES](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6be3d30-3d01-4d2a-b677-f2dab1cd2761%2F53123866-3167-4c05-a408-55333327fa21%2Fphxq5hf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Credits
Accounts payable
Home office equity
Share capital
Retained earnings, January 1, 2014
Sales
Shipments to branch
Totals
Inventory, December 31, 2014
Required:
a. Prepare the closing entries for the branch.
P 22,500
45,000
120,000
465,000
120,000
P772,500
P 90,000
P 3,000
60,000
117,000
P180,000
P 60,000
259
TIONS GENERAL PROCEDURES
![Problem 8-5
The trial balance of Winston Corporation Home Office and its branch on December 31,
2014 is given as follows:
Debits
WINSTON CORPORATION
Trial Balance
December 31, 2014
Cash
Accounts receivable
Inventory, January 1, 2014
Investment in branch
Equipment (net)
Purchases
Shipments from home office
Expenses
Totals
Home office
P 30,000
45,000
37,500
60,000
75,000
450,000
Branch
P 6,000
24,000
15,000
120,000
75,000
15,000
P772,500 P180,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6be3d30-3d01-4d2a-b677-f2dab1cd2761%2F53123866-3167-4c05-a408-55333327fa21%2F5j32wy_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 8-5
The trial balance of Winston Corporation Home Office and its branch on December 31,
2014 is given as follows:
Debits
WINSTON CORPORATION
Trial Balance
December 31, 2014
Cash
Accounts receivable
Inventory, January 1, 2014
Investment in branch
Equipment (net)
Purchases
Shipments from home office
Expenses
Totals
Home office
P 30,000
45,000
37,500
60,000
75,000
450,000
Branch
P 6,000
24,000
15,000
120,000
75,000
15,000
P772,500 P180,000
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