Use Selected balances from Company’s Branch A and B are as follows: (see image below) All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the balance of the Home Office account on January 1, 2021 in the books of a. Branch A and b. Branch B
Use Selected balances from Company’s Branch A and B are as follows: (see image below) All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the balance of the Home Office account on January 1, 2021 in the books of a. Branch A and b. Branch B
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 3.7C
Related questions
Question
Use Selected balances from Company’s Branch A and B are as follows: (see image below) All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the balance of the Home Office account on January 1, 2021 in the books of
a. Branch A and
b. Branch B
![Branch A
Branch B
P19,000
Inventory, Jan. 1, 2021..
Imprest Branch Fund...
Inventory, Dec. 31, 2021.
A/Receivable, Jan. 1, 2021.
Merchandise from Home Office.
A/Receivable, Dec. 31, 2021.
Cash Collections...
Sales....
P21,000
2,000
1,500
19,000
55,000
61,000
12,000
43,500
47,000
...........
70,000
53,500
85,000
100,000
70,000
80,000
Cash Expenses..
21,000
14,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa424660b-6bc7-4d58-9ca3-61b1000a9301%2F52a97b03-aecb-4ca8-9cc6-2e56128b051b%2Fw7chn1_processed.png&w=3840&q=75)
Transcribed Image Text:Branch A
Branch B
P19,000
Inventory, Jan. 1, 2021..
Imprest Branch Fund...
Inventory, Dec. 31, 2021.
A/Receivable, Jan. 1, 2021.
Merchandise from Home Office.
A/Receivable, Dec. 31, 2021.
Cash Collections...
Sales....
P21,000
2,000
1,500
19,000
55,000
61,000
12,000
43,500
47,000
...........
70,000
53,500
85,000
100,000
70,000
80,000
Cash Expenses..
21,000
14,300
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial & Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337119207/9781337119207_smallCoverImage.gif)
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning