Answered: 13-If there are Credit sales by Mason…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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13-If there are Credit sales by Mason Branch amounted to $80,000; the branch's cost of the merchandise sold was $45,000. The journal entries for the branch and the home office should be... 14- The closing entries for the branch at the end of the year in case of attaining revenue are as follows.. 15- On December 31, 2021, the Momentum Company had 150,000 shares of common stock issued and outstanding. On April 1, 2022, an additional 30,000 shares of common stock were issued. Momentum's net income for the year ended December 31, 2022, was $517,500. During 2022, Momentum declared and paid $300,000 in cash dividends on its nonconvertible preferred stock and $100,000 on its common stock. The basic earnings per common share, rounded to the nearest cent, for the year ended December 31, 2022, should be what? 16- The appropriate journal entry for the home office to recognize the branch expenditure of $1,000for equipment to be carried in the home office accounting record is. 17- On September 1 2019 Pasadena Company established a branch in San Marino. Following are two transactions between the home office and the branch of Pasadena Company: Sept. 1 home office sent $10000 to the branch for an imprest bank account Sept. 3 branch acquired office equipment for $3,000 to be carried in the home office accounting record Prepare the journal entries for the foregoing transactions: a) In the accounting records of the home office b) In the accounting records of the San Marino branch 20- On September 1 2019 western company established the eastern branch. Separate accounting records were set up for the branch Among the intracompany transactions were the following: Sept 1 home office mailed a check for $50,000 to the branch. The check was received by the branch on September 3 Sept 11 the branch acquired a truck for $34,200. The home office maintains the plant assets of the branch in its accounting records. Prepare journal entries for the foregoing intracompany transactions in the accounting records of (a) the home office (b) the eastern branc5:45

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