Included in the accounting records of the home office and the only branch, respectively, of Hamad...
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Included in the accounting records of the home office and the only branch, respectively, of Hamad Company were the following ledger accounts for June 2020: Investment in Ali Branch Debit Date Explanation Credit Balance 2020 May 31 Balance 51,000 de June 6 Shipment of merchandise 30,500 81,500 de 20 Receipt of cash 11,500 70,000 de 26 Collection of branch trade account receivable 9,000 61,000 de 24,000 30 Shipment of merchandise 24,000 2 85,000 dr Home Office Date |Еxplanation Debit Credit Balance 2020 May 31 Balance 51,000 cr June 8 Receipt of merchandise 30,500 81,500 cr 18 Payment of cash 11,500 70,000 ct 27 Acquisition of office equipment 14,500 3 55,500 Gt 30 Payment of cash 22,000 4 33,500 ct Instructions: Prepare journal entries on June 30, 2020, for the (1) home office, and (2) Ali Branch of Hamad Company. The branch uses the perpetual inventory system. Included in the accounting records of the home office and the only branch, respectively, of Hamad Company were the following ledger accounts for June 2020: Investment in Ali Branch Debit Date Explanation Credit Balance 2020 May 31 Balance 51,000 de June 6 Shipment of merchandise 30,500 81,500 de 20 Receipt of cash 11,500 70,000 de 26 Collection of branch trade account receivable 9,000 61,000 de 24,000 30 Shipment of merchandise 24,000 2 85,000 dr Home Office Date |Еxplanation Debit Credit Balance 2020 May 31 Balance 51,000 cr June 8 Receipt of merchandise 30,500 81,500 cr 18 Payment of cash 11,500 70,000 ct 27 Acquisition of office equipment 14,500 3 55,500 Gt 30 Payment of cash 22,000 4 33,500 ct Instructions: Prepare journal entries on June 30, 2020, for the (1) home office, and (2) Ali Branch of Hamad Company. The branch uses the perpetual inventory system.
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Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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