Problem 9-8 The Chiz Corporation in Manila operates a branch in Tarlac City. The trial balances for de branch and the home office on December 31, 2014 are as follows: Cash Accounts receivable Inventory, January 1, 2014 Equipment (net) Home Office Trial Balance Branch control Accounts payable Unrealized profit in branch inventory Share capital Retained earnings Sales Shipments to branch Purchases Selling expenses Administrative expenses Totals Cash Accounts receivable Inventory, January 1, 2014 Accounts payable Home office control Shipments from home office Sales Selling expenses Administrative expenses Totals Debit P 30,000 P 45,000 P 37,500 P 75,000 P 60,000 Branch Trial Balance P450,000 P 30,000 P 45,000 P772,500 Required: a. Prepare the closing entries for the branch. Debit P 6,000 P 24,000 P 15,000 P120,000 6,000 P P 9,000 P180,000 Credit P 22,500 P 27,000 P 45,000 P117,000 P465,000 P 96,000 P772,500 Credit P 3,000 P 60,000 P117,000 P180,000 All merchandise shipped to the branch by the home office was billed at 125% of cos closing inventories are as follows: home office, P45,000; and branch, P18,000.

Problem 9-8 The Chiz Corporation in Manila operates a branch in Tarlac City. The trial balances for de branch and the home office on December 31, 2014 are as follows: Cash Accounts receivable Inventory, January 1, 2014 Equipment (net) Home Office Trial Balance Branch control Accounts payable Unrealized profit in branch inventory Share capital Retained earnings Sales Shipments to branch Purchases Selling expenses Administrative expenses Totals Cash Accounts receivable Inventory, January 1, 2014 Accounts payable Home office control Shipments from home office Sales Selling expenses Administrative expenses Totals Debit P 30,000 P 45,000 P 37,500 P 75,000 P 60,000 Branch Trial Balance P450,000 P 30,000 P 45,000 P772,500 Required: a. Prepare the closing entries for the branch. Debit P 6,000 P 24,000 P 15,000 P120,000 6,000 P P 9,000 P180,000 Credit P 22,500 P 27,000 P 45,000 P117,000 P465,000 P 96,000 P772,500 Credit P 3,000 P 60,000 P117,000 P180,000 All merchandise shipped to the branch by the home office was billed at 125% of cos closing inventories are as follows: home office, P45,000; and branch, P18,000.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 2PA: Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during...

See similar textbooks

Similar questions

Problem 1.5: Anne Corporation accounts for its sales under the cash basis. Anne Corporation cash receipts books amounted to P 1,400,000. Total collections from customers, including cash sales made and recoveries of previously written-off accounts. Based on Audit investigation, they revealed that the additional information are the following: Accounts receivable, January 1, 2021 Accounts receivable, December 31, 2021 Notes receivable, trade outstanding, January 1, 2021 Notes receivable, trade outstanding, December 31, 2021 Sales discount taken by customers Sales returns before collections were made (Evidenced by issued credit memos) Sales returns after collections were made, thus refunds were given Write-off worthless accounts receivable Cash recoveries from accounts previously write-off 100,000 140,000 80,000 90,000 40,000 25,000 5,000 30,000 10,000 Requirements: Compute for the following under the accrual basis of accounting: a. Gross sales for the year b. Net sales for the year c.…
weat subject-Accounting
PROBLEM 1BABY Corporation provided the following information:Balance per book, August 31 P2,000,000Receipts per book for August 4,400,000Disbursements per book for August 3,600,000Balance per bank, August 31 1,860,000Bank receipts for August 5,000,000Bank disbursements for August 3,940,000August collection of P200,000 recorded by the entity as 20,000August check in payment of account payable for P600,000 recorded by the entity as 60,000Deposit of BABE Corporation erroneously credited by bank to BABY Corporation 200,000August check of BABE Corporation erroneously charged by bank to BABY Corporation 400,000NSF Check: July 100,000August 50,000Note collected by bank for BABY Corporation: July 200,000August 300,000Deposit in transit: July 31 600,000August 31 480,000Outstanding checks July 31 100,000August 31 650,000 Requirement:Prepare a proof of cash for the month of August.
Description DEP Customer deposit INT Interest earned SF Service feesNOTE Note collected CHK Customer check NSF Nonsufficient fundsEFT Electronic funds transfer DC Debit card Additional information: The difference in the beginning balances in the company’s records and the bank statement relates to check number 530, which is outstanding as of June 30, 2024. The debit card transaction for the purchase of equipment on 7/19 is correctly processed by the bank. The EFT on July 26 in the bank statement relates to the purchase of office supplies. Required:2. Record the necessary cash adjustments.
EJ-5 Gonzalez Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2017. The subsidiary ledger contains three accounts: Rye Company, balance $3,000; Keyes Company, balance $1,875; and Colaw Company. During January, the follow- ing receivable-related transactions occurred. Rye Company Keyes Company Colaw Company Purchases $6,750 5,250 6,375 Payments $6,000 1,900 6,750 Returns $-0- 2,300 -0- Instructions (a) What is the January 1 balance in the Colaw Company subsidiary account? (b) What is the January 31 balance in the control account? (c) Compute the balances in the subsidiary accounts at the end of the month. (d) Which January transaction would not be recorded in a special journal?
Abbey's trial balance at 31-Dec-2021 is shown below Cost of Sales/Sales Office Costs Plant Cost/Depreciation Staff wages Cash at Bank Inventory £1NV Shares Retained earnings Receivables/Payables Totals £ - Dr 195,000 20,000 £-Cr 295,000 200,000 120,000 16,000 77,000 35,000 100,000 60,000 67,000 610,000 35,000 610,000 Notes 1) Office costs include prepaid expenditure of £5,000. 2) A 1:5 Bonus Issue occurred on 01-Jan-2021. 3) Plant (cost £80,000) was damaged on 30-Jun-21. Remaining life of this plant is 3 years, value-in-use £24,000, & scrap value £15,000. 4) Plant depreciation is 10% p.a. (straight line basis). 5) Company tax rates were 20%. 6) A dividend of 10p per share has been agreed. Required: For Y/e Dec-21, prepare the following: a) Financial Position Statement b) Income Statement c) Change in Equity Statement d) Calculate: Return on Capital Employed Profit Margin in Sales Dividend Cover Ratio
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?
Q L. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31 December, 2020 and Balance Sheet as on that date: Cr. (Rs.) Dr. (Rs.) 10,000 46,000 1,50,200 3,400 22,660 600 38,600 840 1,640 280 3,300 4,000 200 29,000 Drawings Stack on 01/01/2019 Purchases and Purchases Returns Cash in Hand Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising Professional Charges Commission Received Investments as on 1" Jan. @ 10% Interest on above Sundry Debtors and Creditors Wages Salaries Capital Income Tax Discount allowed and received Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 36,000 25,000 14,000 1,14,000 1,600 6,300 550 3.200 4,600 2,08,950 10,000 3,050 4,000 670 3.71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5%…
4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
Please Do not Give image format and Solve Full details
Complete the attached excel sheet using the data
cam - Intermediate Accounting 1.docx Open with Google Docs For Nos. 26- 27 Tron Company has provided the following data in relation to its bank reconciliation for April 2019. From March 31 bank recondliation: Deposit in transit Outstanding checks P6,800 15,600 April 2019 data: Per Bank Per Book Balance, March 31 Deposits reflected 296,560 190,400 287,760 196,000 Checks reflected (246,800) (244,000) Note collected 80,000 Service charge (480) 319,680 Balance, April 30 239,760 The checks reflected by the bank in April includes a P6,000 check drawn by Boron Company. 26. How much is Iron's deposits in transit at April 30? a. P12,400 b. P18,000 C. P1,200 d. P5,600 27. How much is Iron's outstanding checks at April 30? P27,600 b. a. P34,400 P18,800 d. P24,800 C. For Nos. 28-30 Page 4 / 5 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these ac