Selected balances from the BACOLOD COMPANY'S SILAY BRANCH and TALISAY BRANCH are as follows: SILAY BRANCH...
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Selected balances from the BACOLOD COMPANY'S SILAY BRANCH and TALISAY BRANCH are as follows: SILAY BRANCH TALISAY BRANCH Merchandise Inventory, January 1, 2017 P 16,800 P 15,200 Imprest Branch Fund 1,600 1,200 Merchandise Inventory, December 31, 2017 15,200 9,600 Accounts receivable, January 1, 2017 44,000 34,800 Shipment from Home Office 48,800 37,600 Accounts receivable, December 31, 2017 56,000? Cash collections 68,000 56,000 Sales 80,000 64,000 Cash Expenses 16,800 11,440 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 by the branch. 3. Calculate the balance of the Home Office account (1) on January 1, 2017 in the books of Silay Branch and (2) on December 1, 2017 in the books of Talisay Branch Selected balances from the BACOLOD COMPANY'S SILAY BRANCH and TALISAY BRANCH are as follows: SILAY BRANCH TALISAY BRANCH Merchandise Inventory, January 1, 2017 P 16,800 P 15,200 Imprest Branch Fund 1,600 1,200 Merchandise Inventory, December 31, 2017 15,200 9,600 Accounts receivable, January 1, 2017 44,000 34,800 Shipment from Home Office 48,800 37,600 Accounts receivable, December 31, 2017 56,000? Cash collections 68,000 56,000 Sales 80,000 64,000 Cash Expenses 16,800 11,440 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 by the branch. 3. Calculate the balance of the Home Office account (1) on January 1, 2017 in the books of Silay Branch and (2) on December 1, 2017 in the books of Talisay Branch
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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