Home office and branch accounts of CCC Company show activities for the month of February: Cash...

 

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Home office and branch accounts of CCC Company show activities for the month of February: Cash remitted Merchandise returned to HO Fixed assets charged to HO Beginning balance Shipment at cost Expense allocated to branch Note collected by branch HOME OFFICE 42,000 Beginning balance 3,000 Shipment at cost 5,000 Expense allocated from HO HO note collected with int. BRANCH 15,000 Branch remittance 37,000 Fixed asset purchased 15,400 2,000 15,000 32,000 14,500 2,100 Determine the following: a. Unadjusted balance of Home Office and Branch accounts b. Adjusted balance of the Home Office and Branch accounts c. Adjusting entries on both books 36,000 5,000 Except for a branch error in recording expense allocations and home office error in not recording interest, all differences in the accounts are due to timing differences in recording reciprocal information. Home office and branch accounts of CCC Company show activities for the month of February: Cash remitted Merchandise returned to HO Fixed assets charged to HO Beginning balance Shipment at cost Expense allocated to branch Note collected by branch HOME OFFICE 42,000 Beginning balance 3,000 Shipment at cost 5,000 Expense allocated from HO HO note collected with int. BRANCH 15,000 Branch remittance 37,000 Fixed asset purchased 15,400 2,000 15,000 32,000 14,500 2,100 Determine the following: a. Unadjusted balance of Home Office and Branch accounts b. Adjusted balance of the Home Office and Branch accounts c. Adjusting entries on both books 36,000 5,000 Except for a branch error in recording expense allocations and home office error in not recording interest, all differences in the accounts are due to timing differences in recording reciprocal information.

Answer rating: 100% (QA)

Beginning Balance Shipment Expense allocation Note collected by branch Branch remittance ... View the full answer