2 Which of the following transactions will increase the home office account in the branch'sseparate statement of financial position?*O Debit memo received from the home officeO Payment by the branch of the home office's liabilityO Net loss of the branchO Collection by the home office of branch's receivable

The question is related to Branch Accounting. In case of branch Accounting the branch will be a…

Which of the following transactions will increase the home office account in the branch's separate statement of financial position? Debit memo received from the home office Payment by the branch of the home office's liability Net loss of the branch Collection by the home office of branch's receivable

Which of the following transactions will increase the home office account in the branch's separate statement of financial position? Debit memo received from the home office Payment by the branch of the home office's liability Net loss of the branch Collection by the home office of branch's receivable

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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S1: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an expense ledger account and a credit cash-home office.S2: A debit to Home Office ledger account and a credit to the Trade AccountsReceivable account in the accounting records of a branch indicate that the homeoffice collected accounts receivable of the branch. A. Only S1 is correct.B. Both statements are incorrect.C. Only S2 is correct.D. Both statements are correct.
estion A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital
If the branch receives credit memo from the home office, the branch shall record it in its separate statement of financial position by Disclosure Debiting the home office account Crediting the home office account Increasing the home office account
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Billed customers in which Account (A/c) debited ?
25 Which of the following will decrease the home office account of the branch? Group of answer choices Collection by the branch of home office accounts receivable Payment by the home office of the liability of the branch Net income of the branch Credit memo received from the home office
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The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal the accounts receivable account balance in the general ledger before posting any amounts B. equal the accounts payable account balance in the general ledger before posting any amounts C. equal the accounts receivable account balance in the general ledger after posting all amounts D. equal the cash account balance in the general ledger after posting all amounts